If income increases and the demand for bus rides decreases, A. bus rides are a substitute...
If income increases and the demand for bus rides decreases, A. bus rides are a substitute good. B. consumers are behaving irrationally. C. bus rides must be a complement good with some other good. D. bus rides are an inferior good. E. bus rides are a normal good.
Homework Answers
D. Bus rides are an inferior good - is correct
For inferior goods there is negative relationship between income and quantity demanded.
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If income increases and the demand for bus rides decreases, A.
bus rides are a substitute...
TIL 4 income increases and the demand for bus rides decreases A) bus rides are a...
TIL 4 income increases and the demand for bus rides decreases A) bus rides are a normalno B) comes we behavingimationally bus rides are an interior good Di bus rides are a state good E bus rides must be a complement Rood with some other 5. If the cost of producing prince, which will A) The supply of pizza will decreased rice will requi s B) The quality of pas supplied will increase try to cover their Puma will cease...
In Pioneer Ville, the price elasticity of demand for bus rides is 0.8, the income elasticity...
In Pioneer Ville, the price elasticity of demand for bus rides is 0.8, the income elasticity of bus rides is -1.2 and cross price elasticity of demand for bus rides with respect to gasoline is 1.1. a) Is the demand for bus rides elastic or inelastic? Why? b) Would an increase in the price of bus rides increase the bus companys total revenue? Explain your answer. c) If incomes increase by 5 percent with no change in prices, how will...
A good for which demand increases as income rises is ________, and a good for which...
A good for which demand increases as income rises is ________, and a good for which demand increases as income falls is ________. A. a substitute; a complement B. a normal good; an inferior good C. an inferior good; a normal good D. a complement; a substitute Goods and services that can be used for the same purpose are ________, and goods and services that are used together are ________. A. substitutes; complements B. normal goods; inferior goods C. complements;...
If the income elasticity of demand for a good is -1.5 that good is A. A...
If the income elasticity of demand for a good is -1.5 that good is A. A substitute to another good. B. A complement to another good. C. A normal good. D. An inferior good. E. A necessity good.
8. The income elasticity of demand is a measure of the responsiveness of the 0 A....
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
3) The law of demand includes the statement other things being equal." These other things include...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
If the demand for computers shifts to the right as consumers' incomes rise, computers are substitute...
If the demand for computers shifts to the right as consumers' incomes rise, computers are substitute goods. normal goods. inferior goods. complement goods.
7. If the demand for ramen noodles increases following a decrease in income, then: a. the...
7. If the demand for ramen noodles increases following a decrease in income, then: a. the law of demand does not apply to ramen noodles b. ramen noodles are normal goods c. ramen noodles are inferior goods d. ramen noodles and chicken noodle soup are substitute goods 8. Ceteris paribus, a decrease in the cost of producing yogurt will result in: a. an increase in the supply of yogurt b. a decrease in the supply of yogurt c. an increase...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand for a normal good decreases as the price increases, which is not the case for an inferior good b. The demand for a normal good increases as the price increases, which is not the case for an inferior good c. The demand for a normal good decreases as household income increases, which is not the case for an inferior good d. The demand for...
TIL 4 income increases and the demand for bus rides decreases A) bus rides are a normalno B) comes we behavingimationally bus rides are an interior good Di bus rides are a state good E bus rides must be a complement Rood with some other 5. If the cost of producing prince, which will A) The supply of pizza will decreased rice will requi s B) The quality of pas supplied will increase try to cover their Puma will cease...
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
If the demand for computers shifts to the right as consumers' incomes rise, computers are substitute goods. normal goods. inferior goods. complement goods.
7. If the demand for ramen noodles increases following a decrease in income, then: a. the law of demand does not apply to ramen noodles b. ramen noodles are normal goods c. ramen noodles are inferior goods d. ramen noodles and chicken noodle soup are substitute goods 8. Ceteris paribus, a decrease in the cost of producing yogurt will result in: a. an increase in the supply of yogurt b. a decrease in the supply of yogurt c. an increase...
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