70. If your purchases of shoes increase from 9 pairs per year to 11 pairs per ye

Question

70. If your purchases of shoes increase from 9 pairs per year to 11 pairs per year when the price of shirts increases from $8 to $12, then, for you, shoes and shirts are considered:
A) inferior goods.
B) superior goods.
C) substitute goods.
D) complementary goods.

71. If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when the price of shirts increases from $8 to $12, then, for you, shoes and shirts are considered:
A) inferior goods.
B) superior goods.
C) substitute goods.
D) complementary goods.

73. If the price elasticity of supply is less than 1, then supply is:
A) price elastic.
B) price inelastic.
C) unit price elastic.
D) very responsive to price changes.

Explanation / Answer

C) substitute goods D) complimentary goods B) price inelastic

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