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The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ? A. elastic B. perfectly elastic C. unitarily elastic D. inelastic.
The price of apples falls by 5% and quantity demanded increases by 6% This means that demand is ? A. zero elasticB. elastic C. perfectly elastic D. inelastic
A movement along the demand curve to the left may be caused by ? A. a decrease in supply. B. a rise in income C. a fall in the number of substitute goods D. a rise in the price of inputs
An increase in aggregate demand if aggregate supply is totally inelastic will ? A. increase price but not output B. increase output but not price C. increase output and price D. decrease output and price
When excess demand occurs in an unregulated market, there is a tendency for ? A. price to fall B. quantity supplied to decrease.C. price to rise D. quantity demanded to increase
Which of the following is consistent with the law of supply ? A. As the price of calculators rise, the quantity supplied of calculators decreases, ceteris paribus. B. As the price of calculators calls the supply of calculators increases, ceteris paribus.C. As the price of calculators rise, the quantity supplied of calculators increases, ceteris paribus….
If the demand for coffee decreases as income decreases, coffee is ? A. an inferior goodB. a normal good C. a complementary good D. a substitute good
When the decrease in the price of one good causes the demand for another good to decrease, the goods are_________? A. complementsB. substitutes C. inferior D. nromal
The quantity demanded of Pepsi has decreased. The best explanation for this is that ? A. Pepsi’s advertising is not as effective as in the past . B. The price of Coca Cola has increased, C. Pepsi consumers had an increase in income.D. The price of Pepsi increased
The Setrite Corporation produce chairs. An economist working for the firm predicts that if people’s incomes rise next year, then the demand for our chairs will for our chairs will increase ceteris paribus The accuracy of the economist’s prediction depends on whether the chairs Setrite Produce ? A. have few substitutes.B. are normal goods C….