If the income elasticity of demand for corn is 0.5, then as income increases

A) the demand for corn will increase.
B) the demand for corn will decrease.
C) corn will prove to be an inferior good.
D) the supply curve of corn will shift leftward.


A

Economics

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Class stratification refers to a situation in which people are trapped in a particular income rank

Indicate whether the statement is true or false

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Full employment in the classical model is maintained by

A. flexible income. B. flexible interest rates. C. flexible prices. D. flexible wage rates.

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Initially, a consumer is at an optimum. Then the price of Y increases. Consequently

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