Category: Supply and Demand

A. Demand is price elastic
B. Demand is price inelastic
C. The demand curve is downward sloping
D. An increase in income will reduce the quantity demanded

A. price to fall
B. quantity supplied to decrease.
C. price to rise
D. quantity demanded to increase

A. Aggregate supply is price inelastic
B. Aggregate supply is price elastic
C. Aggregate supply has a unitary price elasticity
D. Aggregate demand is price inelastic

A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility

A. The quantity consumers would like to buy in an ideal world
B. The quantity producers are willing and able to sell at each and every price all other things unchanged
C. The quantity producers are willing and able to sell at each and every income all other things unchanged
D. The quantity producers are willing and able to sell at each and every point in time all other things unchanged

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