For a particular good, a 1 percent increase in price causes a 3 percent decrease in the quantity demanded. Which one of the following statements is true? O a. The good has high income elasticity O b. The good is a necessity O c. The total revenue will increase O d. There are many close substitutes for this good

For a particular good, a 1 percent increase in price causes a 3 percent decrease in the quantity demanded. Which one of the following statements is true? O a. The good has high income elasticity O b. The good is a necessity O c. The total revenue will increase O d. There are many close substitutes for this good

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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