QUESTION 9 5 points Save Answer A leftward shift in the demand curve for product

Question

QUESTION 9 5 points Save Answer A leftward shift in the demand curve for product C might be caused by: O an increase in income if C is an inferior good. a decrease in income if C is a normal good O an increase in the price of a product that is a close substitute for C O a decrease in the price of a product that is complementary to C QUESTION 10 5 points Save Answer Moving upward on a downward-sloping straight-line demand curve, we find that price elasticity: is constant. increases continuously decreases continuously ma y either increase or decrease QUESTION 11 5 points Save Answer Producer surplus: is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price. rises as equilibrium price falls is the difference between the minimum prices producers are willing to accept for a product and the higher equilibrium price is the difference between the maximum prices consumers are willing to pay for a product and the minimum prices producers are willing to accept.

Explanation / Answer

9. The right answer is option b. a decrease in income if C is a normal good.

Explanation: If C is a normal good, when income gets ower, the demand for C at the existing market price goes down. So, the demand curve shifts towards the left.  

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