Renters usually spend a large proportion of their incomes on rent. Therefore, the price elasticity of demand for rental apartments is most likely to be which of the following numbers?
A) 2.2
B) 1.0
C) 0.5
D) 0

Question

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The Answer of Renters usually spend a large proportion of their incomes on rent. Therefore, the price elasticity of demand for rental apartments is most likely to be which of the following numbers?
A) 2.2
B) 1.0
C) 0.5
D) 0

Renters Usually Spend a Large Proportion of Their Incomes on Rent