题目内容

Suppose the cross-price elasticity of demand is a negative number. We know that

A. a. the two goods are complements.
B. b. the two goods are substitutes.
C. c. the two goods are inferior goods.
D. d. the two goods are normal goods.

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If the percentage change in the quantity supplied of a good is less than the percentage change in price, then supply of the good is

A. a. elastic.
B. b. inelastic.
C. c. normal.
D. d. inferior.

Suppose the supply curve for a good is vertical. We know that supply is

A. a. price elastic.
B. b. perfectly price inelastic.
C. c. unit price elastic.
D. d. perfectly price elastic.

If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) is

A. a. 0.8.
B. b. 1.8.
C. c. 11.26.
D. d. 1.9.

The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are

A. a. substitutes.
B. b. complements.
C. c. luxuries.
D. d. Necessities.

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