Assume that good Z is an inferior good for a consumer. If the consumer's income increases, then A. the supply of good Z will increase. B. the supply of good Z will decrease. C. the demand of good Z will increase. D. the demand of good Z will decrease.
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Assume that good Z is an inferior good for a consumer. If the consumer's income increases, then
A. the supply of good Z will increase.
B. the supply of good Z will decrease.
C. the demand of good Z will increase.
D. the demand of good Z will decrease.
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- Assume that imitation gemstones (an inferior good) are a low-cost alternative to diamonds (a normal good). What happens when average incomes increase? A. The demand for diamonds increases, and the demand for imitation gemstones decreases. B. The demand for diamonds decreases, and the demand for imitation gemstones increases. C. The demand for both diamonds and imitation gemstones increases. D. The demand for both diamonds and imitation gemstones decreases.An increase in demand means that: a. when the price falls, consumers are willing to purchase greater quantities of the good. b. consumers cause the price drop by buying greater quantities of the good. C. consumers are willing to purchase greater quantities of the good at any given price. d. when the price rises, consumers are willing to purchase greater quantities of the good.If good B is a substitute for good A and the price of good B increases, a. the demand for good A will increase. b. the price of good A will decrease. c. the quantity demanded of good B will increase. d. the quantity demanded of good A will decrease.
- If a decrease in income increases the demand for a good, then the good is Select one: a. a substitute good b. a normal good C. an inferior good d. a complement goodIf price will change, holding other factors constant, the following will happen in the market for a consumerSingle choice. a. There will be a change in quantity demanded. b. There will be a change in quantity supplied. c. There will be a change in demand. d. There will be a change in supply.what happens to the demand for a normal good when the price rise. Also explain this if we have the case of inferior goods.
- How does the number of sellers in the market increase?Give one reason for decrease in supply of a goodWhen consumers' incomes increased 10 percent, the quantity of milk bought increased 5 percent. This result means A. milk is a luxury. B. milk is a necessity. C. the demand for milk is income elastic. D. milk is an inferior good.
- For a particular good, a 10 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. There are no close substitutes for this good. B. The good is a necessity. C. The market for the good is broadly defined. D. The relevant time horizon is long.Equilibrium is achieved when quantity demanded intersect with quantity supplied. Assume aproduct “Mobile Phone” for which supply and demand shifts. You are required to prepare graphs of each situation given below?a. Increase in income: Mobile Phone is a normal good.b. Increase in income: Mobile Phone is an inferior good.c. Decrease in the price of a substitute for Mobile Phone.d. Decrease in the price of a complement for Mobile Phone.e. Increase in the cost of production of Mobile Phone.f. Decrease in the cost of production of Mobile Phone.If people buy less flowers at every price when their incomes fall, then a. there has been a decrease in population that changed demand. b. the demand for flowers is positively sloped. c. demand for flowers has increased. d. flowers are a normal good. e. the price of flowers has increased.