If your annual income rose by 10 percent and you increased your purchases of shoes from 2 pairs to 3 pairs each year, then your demand for shoes is
A) income inelastic and equal to 0.50.
B) income elastic and equal to 1.50.
C) income inelastic.
D) income elastic.
D
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Under a market system, an individual’s income is ultimately determined through
a. education. b. training. c. productivity. d. the pricing system.
Keynesians tend to not believe in the stability of free markets
Indicate whether the statement is true or false
The self-interest assumption is central to the analysis of behavior in both private and public sectors
a. True b. False Indicate whether the statement is true or false
A World View article, "Glaring Inequalities," says that income inequality tends to diminish as a nation develops. The distribution of income answers the ________ question.
A. WHY B. WHERE C. HOW MUCH D. FOR WHOM