Income increases from £20,000 p.a. to £22,000 p.a. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? O a. The good is inferior O b. Demand is price elastic O c. Demand is price inelastic d. The good is normal

Income increases from £20,000 p.a. to £22,000 p.a. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? O a. The good is inferior O b. Demand is price elastic O c. Demand is price inelastic d. The good is normal

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...

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Question

Income increases from £20,000 p.a. to £22,000 p.a.
Quantity demanded per year increases from 5000
to 6000 units. Which of the following is correct?
O a. The good is inferior
O b. Demand is price elastic
O c. Demand is price inelastic
d. The good is normal

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