Which of the following statements illustrates income elasticity of demand?
a. a rise in anni...
Which of the following statements illustrates income elasticity of demand?
a. a rise in annie's income by 5 percent decreases supply of canned fruits by 6 percent.
b. a salary cut and no other changes has resulted in mary buying less fast food.
c. poor economic conditions are resulting in higher unemployment and lower aggregate demand.
d. a 2 percent fall in the price of peanuts increases ralph's demand for almonds by 5 percent.
Answers: 2
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