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    The income elasticity of an inferior good is

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    1. negative because as people get richer they increase their purchases of the good by smaller and smaller amounts
    2. 1 because the increased income offsets the desire to consume less of the good because it is inferior
    3. greater than 1 because the richer you get, the less you consume of the good
    4. negative because higher income leads to a reduction in the amount consumed of the product
    5. None of the above
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