Choose the right answer: 1. In drawing an individual’s demand curve for a commodity, all but which one of the following are kept constant? a, The individual’s money income, b, The prices of other commodities, c, The price of the commodity under consideration, d, The tastes of the individuals. 2. A fall in the price of a commodity, holding everything else constant, results in and is referred to as: a, an increase in demand, b, a decrease in demand, c,an increase in the quantity demanded, d, a decrease in the quantity demanded. 3. When anindividual’s income rises, while everything else remains the same), that person’s demand fora normal good: a, rises, b, falls, c, remains the same, d,any of the above.
Choose the right answer:
1. In drawing an individual’s
a, The individual’s money income,
b, The prices of other commodities,
c, The price of the commodity under consideration,
d, The tastes of the individuals.
2. A fall in the price of a commodity, holding everything else constant, results in and is referred to as:
a, an increase in demand,
b, a decrease in demand,
c,an increase in the quantity demanded,
d, a decrease in the quantity demanded.
3. When anindividual’s income rises, while everything else remains the same), that person’s demand fora normal good:
a, rises,
b, falls,
c, remains the same,
d,any of the above.
4. When an individual’s income falls, while everything else remains the same, that person’s demandfor an inferior good:
a, increases,
b, decreases,
c,remains unchanged,
d, we cannot say without additional information.
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