If the percentage change in the income of the consumers of an industrial product is...
ECONOMICS
JAMB 1997
If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?
- A. less than one
- B. equal to one
- C. greater than one
- D. equal to zero
Correct Answer: C. greater than one
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