Author Question: A 10 percent decrease in income decreases the quantity demanded of pizza by 3 percent. The income ... (Read 423 times)

craiczarry · **on:** Jun 29, 2018

A 10 percent decrease in income decreases the quantity demanded of pizza by 3 percent. The income elasticity of demand for pizza is

A) -0.3.
B) 0.3.
C) 3.3.
D) 10.0.

Question 2

In the long-run, the quantity of real GDP supplied increases when the price level increases.

Indicate whether the statement is true or false