A income elasticity ey of 20 indicates that for a , Microeconomics

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A income elasticity ey of 20 indicates that for a

An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____. (Points 1)

1. One percent; quantity supplied; two units

2. One unit; quantity supplied; two units

3. One percent; quantity demanded; two percent

4. One unit; quantity demanded; two units

5. Ten percent; quantity supplied; two percent

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