Multiple Choice
In order to prove that macaroni is an inferior good,we could test the _____ for macaroni and get a _____.
A) cross-price elasticity of demand; negative number.
B) price elasticity of demand; negative number.
C) income elasticity of demand; positive number.
D) price elasticity of demand; positive number.
E) income elasticity of demand; negative number.
Correct Answer:
Verified
Correct Answer:
Verified
Q55: In economics,elasticity means _<br>A)responsiveness to price changes.<br>B)shifts
Q56: A change in the price of housing
Q57: If an increase in price from $1
Q58: Exhibit 5.8<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1208/.jpg" alt="Exhibit 5.8
Q59: If quantity increases by 15 percent when
Q61: If an increase in the price of
Q62: Exhibit 5.7<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1208/.jpg" alt="Exhibit 5.7
Q63: Table 5.2<br> <span class="ql-formula" data-value="\begin{array}{c}\begin{array}{lll}\\
Q64: Income elasticity of demand is greater than
Q65: If elasticity for a product is 2