Question: Question Completion Status: QUESTION 3 If income increases by 10%% and the quantity demanded of a good increases by 5%, the good is referred to

Question Completion Status: QUESTION 3 If income increases by 10%% and the quantity demanded of a good increases by 5%, the good is referred to as [ ]. (Note: the missing term required for this question is a word, not a calculated number.) QUESTION 4 If a product has a price elasticity of 1.5, then raising the price will increase Total Revenue. True or False? O a. True O b. False

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