Income elasticity is defined as the
A) percentage change in the quantity demanded of a good resulting from a change in income.
B) percentage change in the demand of a good resulting from a one percent change in income.
C) change in quantity demanded resulting from a change in income.
D) percentage change in the quantity demanded of a good resulting from a one percent change in income.
Question 2
Which of the following observations is true?
a. An unlimited quantity of organs is available in the United States.
b. All organs are required to be donated.
c. The supply curve for organs is perfectly elastic.
d. The demand curve for human organs is upward sloping.
Worldwide Variations in Population and Income Levels Developed countries represent only 18% of the
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