Refer to the data. Suppose the price of new product Z is $10 rather than $1. This consumer would purchase:
Consumer's income = $12
A. some of Z but not as much as if the price were $1.
B. none of Z.
C. less of X, Y, and Z than if the price were $1.
D. more of X, Y, and Z than if the price were $1.
B. none of Z.
You might also like to view...
When the U.S. dollar rises in value relative to the Mexican peso, the dollar has ________, and when the dollar falls in value, it has ________
A) grown; shrunk B) grown; shrunken C) been bullish; been bearish D) depreciated; appreciated E) appreciated; depreciated
The Bigdrill company drills for oil, which it sells for $200 million to the Bigoil company to be made into gas. The Bigoil company's gas is sold for a total of $600 million
What is the total contribution to the country's GDP from companies Bigdrill and Bigoil? A) $200 million B) $400 million C) $600 million D) $800 million
Which of the following situations results from a ticket price to a concert set below the equilibrium price? a. A long line of people wanting to purchase tickets to the concert
b. No line of people wanting to buy tickets to the concert. c. Tickets available at the box office, but no line of people wanting to buy them. d. None of the above.
The measure of the relationship between a change in income and the consequent relative change in quantity demanded at a given price is the: a. cross elasticity of supply
b. elasticity of supply. c. cross elasticity of demand. d. income elasticity of demand.