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Question
Income elasticity of demand is defined as
a. the change in price divided by change in income.
b. the change in demand divided by the change in income.
c. the change in demand divided by change in income.
d. the percentage change in demand divided by percentage change in income.
e. the percentage change in demand divided by percentage change in price.
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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Price gouging laws will usually result in ________ the product in the distressed market.
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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Q:
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Q:
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