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Questions and Answers
Which of the following best defines the elasticity of demand with income?
Which of the following best defines the elasticity of demand with income?
- The quantity demanded of other goods in response to price changes
- Consumer income to changes in the price of consumer goods
- The amount of demand for the change in the price of goods
- The quantity demanded in response to changes in income (correct)
What does the elasticity of demand with income measure?
What does the elasticity of demand with income measure?
- The amount of demand for the change in the price of goods
- Consumer income to changes in the price of consumer goods
- The quantity demanded of other goods in response to price changes
- The quantity demanded in response to changes in income (correct)
Which of the following is affected by the elasticity of demand with income?
Which of the following is affected by the elasticity of demand with income?
- The income of consumers
- The price of goods
- The quantity demanded of other goods in response to price changes (correct)
- The availability of goods
