10:07 AM Mon Oct 31 TOO 8. The cross price elasticity of good X and good Y Is 2.0. What does that tell you about the relationship between good X and good Y? a. Good X is elastic. b. Good Y is inelastic c. Goods X and Y are complements d. Good X and Y are substitutes 9. The income elasticity of demand for domestic flights is 1.86. This means that a. As income increases, people purchase more domestic flights, so domestic flights are a normal good. b. As income increases, people purchase more domestic flights, so domestic flights are an inferior good. As income increases, people purchase fewer domestic flights, so domestic flights are a normal good. d. As income increases, people purchase fewer domestic fights. so domestic flights are an inferior good 10. "Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises."This relationship between pirce and quantity demanded is relerred to as i Equilibrium b. The law of damand C. The relationship between supply and demand d. The definition of an inferior good 11. Which of the following events could cause an increase in the supply of ceiling fans? a. The number of sellers of ceiling fans increases b. There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes C. There is an increase in the price of the motor that powers ceiling fans d. All of the above are correct 12. Suppose the government adopts a new program that attempts to "crack-down" on marijuana production, which would shift the supply curve to the left. Advocates of the crack-down argue that it would significantly reduce the amount of revenue going to the criminal organizations that currently supply marijuana. These advocates believe that the a, demand for marijuana is inelastic b. supply for marijuana is elastic C. supply for marijuana is inelastic . demand for marijuana is elastic