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If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 ...

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If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 ...

If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 percent for every __________ percent __________ in income.

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rise; 2.12; fall

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rise; 1.0; rise

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fall; 1.0; rise

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fall; 2.12; fall

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none of the above

Textbook

Economics

Edition: 12^th

Author: Arnold

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