Assume that an 8 percent increase in income across the economy produces a 12 percent decrease in the quantity demanded of good X. The coefficient of income elasticity of demand is Multiple Choice...

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Extracted text: Assume that an 8 percent increase in income across the economy produces a 12 percent decrease in the quantity demanded of good X. The coefficient of income elasticity of demand is Multiple Choice positive, and therefore X is a normal good. negative, and therefore X is a normal good. positive, and therefore X is an inferior good. negative, and therefore X is an inferior good.