Category: Supply and Demand

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

A. shift aggregate supply to the right
B. shift aggregate supply to the left
C. shift aggregate demand to the right
D. shift aggregate demand to the left

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