If a 10 percent increase in income results in an 8 percent ...

[jjjetplane]

If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a good, the income elasticity of demand equals ________ and the good is ________ good.
 
  A) 0.80; an inferior
  B) 1.2; a normal
  C) 0.80; a normal
  D) -1.2; an inferior

Question 2

A market structure in which one firm produces a good or service that has no close substitutes is called
 
  A) perfect competition.
  B) monopolistic competition.
  C) oligopoly.
  D) monopoly.

[stano32]

Answer to Question 1

D

Answer to Question 2

D

[jjjetplane]

Excellent

[flexer1n1]

TYSM