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Question
If the price of a good increases, holding all else constant,
a. the demand for all of that goods substitutes will decrease.
b. the quantity demanded for that good will increase.
c. the demand for all of that goods complements will increase.
d. the demand for all of that goods substitutes will increase.
e. the demand curve will shift to the left.
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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Price gouging laws will usually result in ________ the product in the distressed market.
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
b. He or she will substitute toward the product.
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d. When a binding price ceiling exists, he or she will be willing to pay a lower price.
e. What he or she does as a buyer in the long run will be no different from what he or she does in the short run.
Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
a. Prices in the legal market in the community with a binding price ceiling will rise.
b. Prices in the legal market in the community with a binding price ceiling will fall.
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Q:
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A(n) ________ in the elasticity of supply or demand in a market for a good that is taxed would tend to ________ who is legally responsible for paying the tax.a. decrease; broaden b. decrease; have no effect on c. increase; broadend. increase; narrowe. increase; have no effect on
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a. Demand for jelly will increase along with the price.
b. Demand for jelly will decrease along with the price.
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e. The supply of jelly will decrease and the price will increase.
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Q:
The deadweight loss from a tax is likely to be less with a good that hasa. few complements. b. many substitutes. c. few substitutes.d. an elastic demand.e. an elastic supply.