Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971509
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 4, Problem 5CQQ
To determine

Market for inferior goods.

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If the economy goes into a recession and incomesfall, what happens in the markets for inferior goods?a. Prices and quantities both rise.b. Prices and quantities both fall.c. Prices rise and quantities fall.d. Prices fall and quantities rise.
Good X and good Y are substitutes. If the price of good Y increases, then the a. Demand for good X will decrease. b. Demand for good X will increase. c. Quantity demanded of good Y will increase. d. Market price of good X will decrease.
What happens to the equilibrium price and quantity of gasoline during a severe hurricane in the Gulf of Mexico? A. Price decrease, Quantity decrease B. Price decrease, Quantity increase C. Price increase, Quantity decrease D. Price increase, Quantity increase
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