The responsiveness of the quantity demand of a commodity to change in the consumer’s income, measured by the proportionate change in quantity divided by the proportionate change in income ? A. Elasticity of demand B. Import substitution C. Income elasticity…

The part of the urban economy of LDC’s characterized by small competitive individual or family firms, labour intensive methods, free entry and market determined factor and product prices? A. Formal sectorB. Informal sector C. Formal finance D. Informal finance