Category: Supply and Demand

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. costs are minimized
B. revenue is maximized
C. average cost is less than average revenue
D. marginal cost equals marginal revenue

A. Quantity setting
B. price fixing
C. price rationing
D. quantity adjustment.

A. Will cause an inward shift of demand
B. Will cause an outward shift of supply
C. May be caused by a fall in demand
D. Leads to a higher level of production

A. increase consumption
B. increasing export revenue
C. increased taxation revenue
D. increased investment

A. Shift demand outwards
B. Shift demand inwards
C. A contractions of demand
D. An extension of demand

A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries
C. If there are very few producers
D. If it is easy to expand output

A. increase
B. not change
C. decrease
D. shift

A. The products are substitutes and demand is cross price elastic
B. The products are substitutes and demand is cross price inelastic
C. The products are complements and demand is cross price elastic
D. The products are complements and demand is cross price inelastic

A. zero elastic
B. elastic
C. perfectly elastic
D. inelastic