Category: Supply and Demand

A. substitutes inferior
B. normal, complements
C. substitutes complements
D. normal, inferior

A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation

A. a decrease in supply.
B. a rise in income
C. a fall in the number of substitute goods
D. a rise in the price of inputs

A. The price elasticity of demand is negative the income elasticity of demand is negative
B. The price elasticity of demand is positive the income elasticity of demand is negative
C. The price elasticity of demand is negative the income elasticity of demand is positive
D. The price elasticity of demand is positive; the income elasticity of demand is positive

A. normal goods
B. unrelated goods
C. Substitutes.
D. Complements

A. Change in average revenue, increased
B. Change in total revenue, increase by one unit
C. change in average revenue, increased by one unit
D. change in total revenue increased

A. Price elasticity of demand
B. Cross-price elasticity of demand
C. budget elasticity of demand
D. income elasticity of demand

A. Utility is at a maximum with the first unit
B. Increasing units of consumption increase the marginal utility
C. Marginal product will fall as more units are consumed
D. Total utility will rise at a falling rate as more units are consumed

A. A change in wealth
B. A change in the price of compact discs
C. A change in income.
A change in the price of pre-recorded cassette tapes

A. marginal cost to increase, output to fall
B. marginal revenue to increase output to fall
C. opportunity cost to increase the firm will close
D. average cost will rise output will increase ____ output and an upward shift in marginal revenue ____ output