Software In words, what does it mean when an economic consultant states: John's income elasticity of cheap wine is equal to -2? Select one: O a. If John's quantity demanded of cheap wine increases by 1 percent, then his income increases by 2 percent O b. If John's income increases by 2 percent, then his quantity demanded of cheap red wine decreases by 1 percent O c. If John's income increases by 1 percent, then his quantity demanded of cheap wine will decrease by 2 percent O d. If John's quantity demanded of cheap wine increases by 1 percent, then his income decreases by 2 percent