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 ?

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 of demand
D. None

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?

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 sector
B. Informal sector
C. Formal finance
D. Informal finance