Multiple Choice
If Joshua buys 10 percent more compact discs when his income increases by 5 percent, then, for Joshua
A) price elasticity of demand for compact discs is greater than one
B) compact discs are inferior goods
C) compact discs are price inelastic
D) compact discs are income inelastic
E) compact discs are income elastic
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Which one of these economists studied the
Q5: In the country of Bora Bora, consumers
Q6: The long-run price elasticity of demand for
Q7: If the purpose of a tax is
Q8: If new substitutes for a good appear
Q10: If an excise tax is placed on
Q11: We know that increases in population increase
Q12: The cross price elasticities among substitute goods
Q13: Short-run elasticity of supply is greater than
Q14: If a 10 percent decrease in the