If the income elasticity of demand for a good is -2.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase
b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase
c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase
d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase
e. there is insufficient information to determine whether the good is normal or inferior
D
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What will be an ideal response?
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a. true b. false
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Fill in the blank(s) with the appropriate word(s).
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What will be an ideal response?