3 pts John has found out that a certain product he currently consumes shows a negative income elasticity of demand coefficient. What does this essentially mean? O The product is a complementary good The product follows the law of demand O The product is a substitute good The product is an inferior goodThe most typical shape of the supply curve (an upsloping line) indicates that the price elasticity of supply is. O Negative O Always less than 1 Positive Always greater than 1Garrett runs his soybean farm that operates in a purely competitive industry, Garrett complains that he often keeps his company operating even when it carries losses. For an economist. this is because O the loss while operating can be less than fixed costs. the loss can be less than variable costs, O firms should only operate if they are making money. O in pure competition, companies can only make profits in the long run.Nicole just inherited a farm that operates in a purely competitive industry. Nicole wants to know about the potential profitability of the company. From the economic perspective, she can expect O economic profits to persist in the long run if consumer demand is stable. O economic losses in the long run because of cut throat competition. O that in the short run, the farm may incur economic losses or earn economic profits, but in the long run, only normal profits are expected. O there will be economic profits in the long run but not in the short run.Voms is the only supermarket in Arrowine and, as such, a pure monopolist on the market. To an economist, the demand curve faced by Voms O is horizontal, O is a line below MR curve. is perfectly elastic. O is the same as the market demand curve.Gbay enjoys being a monopolist in the online retailing business in a country of South Nordia. Expected economic profits for Gbay: O are always zero because consumers prefer to buy from competitive sellers. O may be positive or negative depending on market demand and cost conditions. O are usually negative because of government price regulation. O are always positive because the monopolist is a price-maker.The economists of Tri Manka who just learned about a newly formed pharmaceutical cartel in the country suggest doing nothing about it. This is because O cartels are more profitable for the industry and will charge a lower price and produce more output O cartels are illegal and will be eventually caught. O individual cartel members may find it profitable to cheat on agreements and there is a good possibility the cartel won't hold for too long. O entry barriers are insignificant in oligopolistic industries and more entrants will create enough competition in the future.Asian Garden, an eatery, is trying to assess the company's hiring process. Based on the following data: MRC for the last worker hired was $25 and MRP was $45, it must be concluded that: O profits will likely be increased by hiring additional workers. the restaurant is definitely maximizing profits now. O marginal revenue product must have exceeded the average cost product. O profits will likely be increased by hiring fewer workers