Which of the following statements is correct?
A. . The demand for luxuries tends to be more elastic than the demand for necessities.
B. . If there are no close substitutes for a good, demand will be very elastic.
C. . The shorter the time period, the more elastic is demand.
D. . How a good’s market is defined has no impact on the good’s elasticity.
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Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium price and quantity of housing?
A. . Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.
B. . Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.
C. . Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.
D. . Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.
A change in which of the following will cause a movement along the supply curve?
A. . a change in the state of technology
B. . a change in taxes
C. . a change in expectations about future prices
D. . a change in the price of the good
Because cars and gasoline are complements, an increase in the price of gasoline will
A. . increase the demand for cars.
B. . decrease the demand for cars.
C. . increase the demand for gasoline.
D. . decrease the demand for gasoline.
When both supply and demand increase
A. . equilibrium price rises, and so does equilibrium quantity.
B. . equilibrium price falls, but equilibrium quantity rises.
C. . equilibrium quantity rises.
D. . it is impossible to speculate about the results for equilibrium price or equilibrium quantity.
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