If consumer incomes increase, the demand for product Ywill_____________. A. shif
ID: 1238257 • Letter: I
Question
If consumer incomes increase, the demand for product Ywill_____________.
A.
shift to the right if Y is a complementary good
B.
shift to the right if Y is a normal good
C.
necessarily remain unchanged
When an economist says that the demand for a product hasincreased, this means that:
A.
firms make less of the product available for sale.
B.
consumers respond to a lower price by buying more.
C.
the demand curve becomes steeper.
D.
quantity demanded is greater at each possible price
When movie ticket prices increase, families tend tospend less time watching movies and more time at home watchingvideos instead. This best reflects:
A.
diminishing marginal utility.
B.
the substitution effect.
C.
the income effect.
D.
the rationing function of markets
If consumer incomes increase, the demand for product Ywill_____________.
A.
shift to the right if Y is a complementary good
B.
shift to the right if Y is a normal good
C.
necessarily remain unchanged
When an economist says that the demand for a product hasincreased, this means that:
A.
firms make less of the product available for sale.
B.
consumers respond to a lower price by buying more.
C.
the demand curve becomes steeper.
D.
quantity demanded is greater at each possible price
When movie ticket prices increase, families tend tospend less time watching movies and more time at home watchingvideos instead. This best reflects:
A.
diminishing marginal utility.
B.
the substitution effect.
C.
the income effect.
D.
the rationing function of markets
Explanation / Answer
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