4. Elasticity
Income Elasticity of Demand
Multiple Choice
Multiple ChoiceJohnny Clutch just got a raise from $900 per week to $1100 per week. As a result, he decreases the amount of ramen noodles he buys from seven cartons a week to one carton a week. For Johnny, ramen noodles are:
A
Normal Goods, Necessity
B
Normal Goods, Luxury
C
Inferior Goods
D
Substitute Goods
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