If a product is a normal good:
A: Demand is inversely related to income
B: Demand is inversely related to price
C: Demand is directly related to price
D: Demand is inversely related to the price of substitutes
A: Demand is inversely related to income
B: Demand is inversely related to price
C: Demand is directly related to price
D: Demand is inversely related to the price of substitutes
举一反三
- Price and total revenue are inversely related when demand is:
- Generally, price and demand is _______ related which means that the increase in the price would lead to the decrease in the demand for that product and vice versa. A: inversely B: adversely C: correspondingly D: proportionally
- Generally, price and demand is ____ related which means that the increase in the price would lead to the decrease in the demand for that product and vice versa.
- If there are very few, if any, good substitutes for good A, then (). A: supply of good A would tend to be price elastic. B: demand for good A would tend to be price inelastic. C: demand for good A would tend to be price elastic. D: demand for good A would tend to be income elastic.
- Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A ( ) A: decreases the supply of good B: increases the supply of good C: decreases the demand for good D: increases the demand for good