If the cross-price elasticity of an item is -3, which of the following can Professor Penny conclude about the item ? * O It is a normal good. O It is an inferior good. O It is a complement. It is a substitute. none of the above A decrease in the price of widgets will result in which of the following? An increase in demand for widgets O A decrease in demand for widgets. O A decrease in quantity supplied for widgets An increase in quantity supplied for widgets O An increase in supply for widgets. If the government establishes a price ceiling BELOW the equilibrium price in the market for apartments, which of the following is mostly likely to occur? * a surplus of apartments a shortage of apartments an excess supply of apartments an increase in the minimum wage O nothing
If the cross-price elasticity of an item is -3, which of the following can Professor Penny conclude about the item ? * O It is a normal good. O It is an inferior good. O It is a complement. It is a substitute. none of the above A decrease in the price of widgets will result in which of the following? An increase in demand for widgets O A decrease in demand for widgets. O A decrease in quantity supplied for widgets An increase in quantity supplied for widgets O An increase in supply for widgets. If the government establishes a price ceiling BELOW the equilibrium price in the market for apartments, which of the following is mostly likely to occur? * a surplus of apartments a shortage of apartments an excess supply of apartments an increase in the minimum wage O nothing
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:If the cross-price elasticity of an item is -3, which of the following can Professor
Penny conclude about the item ? *
O It is a normal good.
O It is an inferior good.
O It is a complement.
It is a substitute.
none of the above
Transcribed Image Text:A decrease in the price of widgets will result in which of the following?
An increase in demand for widgets
O A decrease in demand for widgets.
O A decrease in quantity supplied for widgets
An increase in quantity supplied for widgets
O An increase in supply for widgets.
If the government establishes a price ceiling BELOW the equilibrium price in the
market for apartments, which of the following is mostly likely to occur? *
a surplus of apartments
a shortage of apartments
an excess supply of apartments
an increase in the minimum wage
O nothing
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