When income falls the demand for an inferior goods

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1. When income falls, the demand for an inferior goods

rev: 07_25_2015_QC_CS-20002

Has a smaller change than the income change.

Stays the same.

Increases.

Decreases.

2. Elasticity of supply looks at

How much quantity demanded changes with a change in price.

How responsive sellers are to a change in price.

The responsiveness of sellers to a change in consumer's incomes.

How responsive producers are to a change in quantity demanded.

Reference no: EM131240581

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