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Answer to Question #221579 in Microeconomics for Tumi
Question #221579
- Which of the following statements is correct?
- A.The income elasticity of demand for shelter is high.
- B. The income elasticity of demand for luxuries is high.
- C. The income elasticity of demand for clothing is high.
- D. The income elasticity of demand for food is high.
Expert's answer
The correct statement is
D. The income elasticity of demand for food is high
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