Given statements and explain whether true or false.
Concept Introduction:
Price
Income Elasticity of Demand: Income elasticity of demand stands for the change in the quantity demanded in relation to the change in income of the consumer. If a small change in income causes a large change in quantity, then the good or service is said to be elastic. If a change in income causes a little or no change in quantity, then the good or service is said to be inelastic.
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