Asked by tg
Question 17 of 20
0.0/ 5.0 Points
Suppose that the income elasticity of demand for new clothes is positive. Other things being equal, which of the following statements is correct?
A. New clothes are a normal good.
B. There exists a positive relationship between income and the demand for new clothes.
C. The quantity demanded of new clothes decreases as a consumer's income declines.
D. all of the above
0.0/ 5.0 Points
Suppose that the income elasticity of demand for new clothes is positive. Other things being equal, which of the following statements is correct?
A. New clothes are a normal good.
B. There exists a positive relationship between income and the demand for new clothes.
C. The quantity demanded of new clothes decreases as a consumer's income declines.
D. all of the above
Answers
Answered by
Ms. Sue
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