If consumer incomes increase, the demand for product Ywill _____________. A. shi
ID: 1238579 • 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
an economist says that the demand for a product hasincreased, this means that:
A.
quantity demanded is greater at each possible price.
B.
the demand curve becomes steeper.
C.
firms make less of the product available for sale.
D.
consumers respond to a lower price by buying more.
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
an economist says that the demand for a product hasincreased, this means that:
A.
quantity demanded is greater at each possible price.
B.
the demand curve becomes steeper.
C.
firms make less of the product available for sale.
D.
consumers respond to a lower price by buying more.
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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