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Business, 29.02.2020 03:56 erin5678

Last year, Max bought 6 pairs of athletic shoes when his income was $35,000. This year, his income is $42,000, and he purchased 8 pairs of athletic shoes. Holding other factors constant, it follows that Max:.1. Considers athletic shoes to be inferior goods. 2. Has a low price elasticity of demand for athletic shoes. 3. Considers athletic shoes to be necessities. 4. Considers athletic shoes to be normal goods.

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Last year, Max bought 6 pairs of athletic shoes when his income was $35,000. This year, his income i...
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