The quantity of good X demanded by an individual may depend upon
A: the individual's income
B: the price of X.
C: the price of some other goods.
D: all of the above.
E: answers a and b, only
A: the individual's income
B: the price of X.
C: the price of some other goods.
D: all of the above.
E: answers a and b, only
举一反三
- The demand for goods depends totally on the price of demanded goods.
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.
- The relative price of a good is A: an opportunity cost. B: equal to the money price of a good. C: equal to the price of that good divided by the quantity demanded of the good. D: what you get paid for babysitting your cousin.