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Which of the following would NOT shift the demand curve for beef?
a) a widely publicized study that indicated beef increases one's cholesterol
b) a reduction in the price of cattle feed
c) an effective advertising campaign by pork producers
d) a change in the incomes of beef consumers
In 2003 the price of oil increased, which in turn caused the price of natural gas to rise. This can be be explained that oil and natural gas are...
a) complementary good and the higher price for oil increased the demand for natural gas
b) substitute goods and the higher price for oil increased the demand for natural gas
c)complementary goods and the higher price for oil decreased the supply of natural gas
d) substitute goods and the higher price for oil decreased the supply of natural gas
A shift to the right in a demand curve for product A can be most reasonably explained by saying that..
a) consumer incomes have declined and they now want to buy less of A at each possible price
b) the price of A increased and as a result consumers want to purchase less of it
c)consumer preferences have changed in favor of A so that they now want to buy more at each possible price
d) the price of A has declined and as a result consumers want to purchase more of it
if the minimum wage exceeds the equilibrium wage then
the quantity supplied of labor will exceed the quantity demanded
in a competitive market free of government regulation
price adjusts until quantity demanded equals quantity supplied
if the price of hand calculators falls from $10 to $9 and as a result the quantity demand increases from 100 to 125 then
demand is elastic
if a firm can sell 3000 units of product A at $10 per unit and 5000 at $8 then
the price elasticity of demand is 2.25
income elasticity of demand measures how sensitive purchases of a specific product are to changes in
a manufacturer of frozen pizza found that total revenue decreases when price was lowered from $5 to $4. it was also found that the total; revenue decreased when the price was raised from $5 to $6. Thus,
the demand for pizza is elastic above $5 and inelastic below $5
rutgers university raises tuition for the purpose of increasing its revenue so that more faculty can be hired. rutgers is assuming that the demand for education at RU is
if demand for product x is inelastic, a 4 percent increase in the price of X
will decrease the quantity of X demanded by less than 4 percent
if the price of one goes up and its demand decreases, so will the demand of the other one
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