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For any particular good, an increase in the price of a complement would most likely result in?
A movement along the demand curve to the right
A shift in the demand curve to the left
A shift in the demand curve to the right
Consider the following statements: Statement I: If close substitutes are easily available for a particular good, the price elasticity of demand for that good cannot be identified. Statement II: If a relatively large proportion of a person’s income is spent on a particular good, the price elasticity of demand for that good is most likely relatively high. Which of the following is true?
Both statements are incorrect.
Both statements are correct.
Only one statement II is correct
Consider the following statements: Statement I: If the price elasticity of demand for a good equals -1.25, an increase in price will result in a decrease in total revenue. Statement II: If a decrease in price leads to a decrease in total revenue, demand for the good is price elastic. Which of the following is true?
Only Statement I is correct.
Only Statement II is correct.
Both Statements are incorrect.
When a rent ceiling (maximum price) is imposed below the equilibrium market price, which of the following is most likely?
The unit price falls while quantity supplied increases
The unit price rises while quantity demanded falls
The unit price falls and the quantity supplied also falls.
Which of the following is least likely regarding indifference curves?
For a given consumer, the slope of one indifference curve changes along the indifference curve.
The indifference curves for two consumers can never intersect.
indifference curves are convex when viewed from the origin.
Robert’s MRSxy is given by 2.5. If Good Y is on the y axis and Good X is on the x axis, the slope of the indifference curve is closest to?
This question addresses the budget constraint: The amount of Good A that a consumer would have to give up in order to consume 1 more unit of Good B is given by:
The ratio of the price of Good A to Good B
The marginal rate of substation of Good B for Good A
The ratio of the price of Good B to Good A
For any particular good, an decrease in the price of a complement would most likely result in?