• 2022-06-15
    In the case of homothetic preferences the entire change in demand from a price change is due to the substitution effect.
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    • 0

      The long run income elasticity of demand for movie theater tickets is 3.42. That means that the proportional change in price will exceed the proportional change in quantity.

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      Predictable variability is A: change in demand that can be forecasted. B: change in demand that cannot be forecasted. C: change in demand that has been planned. D: change in demand that has been scheduled. E: all of the above

    • 2

      An increase in market supply and an increase in market demand will result in A: A decrease in equilibrium price and an increase in equilibrium quantity B: A decrease in equilibrium price - the change in equilibrium quantity is indeterminate C: An increase in equilibrium quantity and the change in price is unclear D: all of above

    • 3

      Economists are interested in all the factors that can help to ___ the extent to which a price change will affect supply and demand in the market.

    • 4

      The change in words is a change in style, and the effect on the reader is quite different.