Income Elasticity for Normal Goods
Which of the following is true for a normal good if an increase in income results in a less than proportional increase in the quantity demanded?
A
Income elasticity of demand is less than one (inelastic).
B
Income elasticity of demand equals zero (perfectly inelastic).
C
Income elasticity of demand is greater than one (elastic).
D
Income elasticity of demand equals one (unitary).
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