1) If the price of a good rises, what happens to the demand for a complementary good?

2) What happens to the demand for an inferior good if consumer incomes decrease?

3) If the producer of a good expects its price to be lower in the future, what will happen to the supply of the good today?

4) When the market price of a good is below its equilibrium price, does this result in a surplus or a shortage of the good?

5) If there is a shortage of a good, what happens to the price?

6) Which of the following decreases the demand for a good: a decrease in the price of a substitute or a decrease in the price of a complement?

7) What is the sign of the income elasticity of demand of a normal good?

8) What are two categories of normal goods?

9) What is the sign of the cross-elasticity of demand between two substitutes?

10) For what type of demand curve is the price elasticity of demand infinite?

11) If a reduction in the price of a good leaves total revenues unchanged, what is the price elasticity of demand of the good?

12) What is the price elasticity of demand for a hyperbolic demand curve?

13) For a downward-sloping linear demand curve, is the price elasticity of demand greater than one above or below the midpoint?

14) How is the price elasticity of supply calculated?

15) If a reduction in the price of a good causes total revenues to increase, is the demand for the good elastic, unit elastic or inelastic?