37. If commodity Mis an inferior good, which of the following must be true? a. The demandcurve for commodity M is horizontál b. An increase in the price of commodity M will decrease the supply of commodity M An increase in consumer income will decrease the demand for commodity M d. A decrease in conšumer 'încome will decrease the supply of commodity M.

37. If commodity Mis an inferior good, which of the following must be true? a. The demandcurve for commodity M is horizontál b. An increase in the price of commodity M will decrease the supply of commodity M An increase in consumer income will decrease the demand for commodity M d. A decrease in conšumer 'încome will decrease the supply of commodity M.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Q.A person sells 50 units of apple at price $1. What will be the total revenue when price thcrease to $2 and quantity remains constant.
Suppose there is an advance in the technology of tire production, in the market for tires a. Demand decreases, and the supply of tires increases. b. Demand increases, and the supply of tires decreases. c. Demand curve is unaffected, and the supply of tires increases. d. Supply curve is unaffected, and the demand for tires increases.
Which would decrease the price of eggs? OA technological advance that lowers the cost of producing and shipping eggs. An increase in the price of the food used to grow chickens. O An increase in the price of pancake flour, a substitute for eggs. A decrease in the price of bacon a complement to eggs.
a. What are the determinants of demand? Instructions: Click the box with a check mark for correct or click a second Income Price of related goods ? A good's own price ?Technology Tastes and preferences ? Resource prices Number of consumers
A restaurant owner learns that when he raises the price of his fries from $1 to $1.50 the quantity demanded falls from 100 to 90 baskets. This owner should Oraise the price of fries O lower the price of fries Okeep the price of fries same
If income of the consumer would increase, how will it affect the demand curve for a product? a. Entire demand curve will shift to the left b. Entire demand curve will shift to the right c. Demand curve will remain constant d. The demand curve will move sloping downward Which of the following would decrease the price of rice? a. A decrease in the prices of pesticides b. An increase in the demand of rice c. An increase in the price of rice d. An increase in the price of corn
If the price of one good decreasing causes the price of another good to increase, then: a. demand is inelastic. b. the two goods are complements. c. the cross-price elasticity is positive. d. the second good is definitely inferior.
Problem The average of price of Guess bag is 45 KD, the average price of Louis Vuiton bag is 2500KD. Use the Supply and Demand to Analyze why the price of these two bags are different.
10 upvot i will
Show necessary and appropriate steps. No credits will be given to answers without showing necessary calculations and/or explanations. 1. Consider the markets for DVD movies, TV screens, and tickets at movie theaters. a. For each pair, identify whether they are complements or substitutes: DVDs and TV screens DVDs and movie tickets TV screens and movie tickets b. Suppose a technological advance reduces the cost of manufacturing TV screens. Draw a diagram and explain what happens in the market for TV screens.
What happened to the equilibrium price and quantity of Chick-fil-A when Popeye's released their chicken sandwich? A. Price decrease, Quantity decrease B. Price decrease, Quantity increase C. Price increase, Quantity decrease D. Price increase, Quantity increase
20. If a point in the demand curve points upward, a. quantity demanded b. price shifted to the downward c. quantity demanded have decreased d. quantity demanded have increased