Category: Supply and Demand

A. increase price but not output
B. increase output but not price
C. increase output and price
D. decrease output and price

A. an inferior good
B. a normal good
C. a complementary good
D. a substitute good

A. Shift demand for Product A outwards
B. Shift demand for product A inwards
C. Shift supply for product A outwards
D. Shift supply for product A inwards

A. Demand is price inelastic
B. The good is inferior
C. Income elasticity is -2
D. The product is normal

A. Demand is inversely related to income
B. Demand is inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes

A. as prices rise, demand decrease
B. as prices fall, quantity demanded increase
C. as prices fall demand increases
D. as prices rise, quantity demanded increases

A. inelastic; increase
B. elastic; increase
C. elastic, decrease
D. none of the above

A. An increase in price must raise profits
B. An increase in price decrease revenue
C. An increase in price increase revenue
D. A decrease in price reduces sales

A. A shift in supply outwards
B. A shift in supply inwards
C. A contraction of supply
D. An extension of supply

A. Reduce the general price level and reduce national income
B. Reduce the general price level and increase national income
C. Increase the general price level and reduce national income
D. Increase the general price level and increase national income