Assume That a Three Percent Increase in Income Results in a Four

Assume that a three percent increase in income results in a four percent decrease in the quantity demanded of a good.What is the income elasticity of demand for the good,and what type of good is it

A) negative, and therefore the good is an inferior good
B) negative, and therefore the good is a normal good
C) positive, and therefore the good is an inferior good
D) positive, and therefore the good is a normal good

Correct Answer:

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