A change in the ________ leads to a change in demand that causes a ________.
A. price of other goods; movement along the demand curve
B. price of the original product; shift of the demand curve and a movement along the new demand curve
C. price of the original product; shift of the demand curve
D. price of other goods; shift in the demand curve
Answer: D
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If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is:
A. negative. B. inelastic. C. unit elastic. D. elastic.
Assume the total real output of a developing country increases from $8 billion to $8.2 billion while its population expands from 14 to 15 million people from one year to the next. Over the year, real GDP per capita has ________.
A. decreased by $25 per person B. increased by $533 per person C. decreased by $533 per person D. increased by $25 per person
List the major non-price determinants of demand
What will be an ideal response?
A research firm's findings concluded that the demand for movie tickets is price elastic in the afternoon but inelastic in the evenings. Given this information, to increase overall revenue the theatre owners should
a. Reduce the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows b. Increase the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows c. Reduce the ticket prices for the afternoon shows and increase the ticket prices for the evening shows d. Increase the ticket prices for the afternoon shows and increase the ticket prices for the evening shows