In one of the following cases, it is possible the equilibrium quantity will increase.Which is it?

Group of answer choices

a.Firms expect a higher price and consumers expect lower income.

b.There is an increase in the price of a complement and an improvement in productivity.

c.There is an increase in the price of a substitute in production.

d.There is a decrease in the price of a substitute.

e. There is an increase in taxes and a negative change in consumer tastes.

Flag question: Question 13

Question 131pts

In which of the following cases would you be able to predict with certainty the change in the equilibrium quantity?There is more than one answer to this question.You must mark all of the correct answers to receive full credit for this question.

Group of answer choices

a.There is a decrease in demand.

b. There is a decrease in demand and a decrease in supply.

c. There is a decrease in demand and an increase in supply.

d.There is an increase in supply.

e.There is an increase in demand and an increase in supply.

f. There is an increase in demand and a decrease in supply.

Flag question: Question 14

Question 141pts

When demand is elastic, the percentage change in quantity demanded (in absolute value) is smaller than the percentage change in price (in absolute value.)

Group of answer choices

aTrue

b. False

Flag question: Question 15

Question 151pts

A firm sells a product that has a price elasticity of demand of 2.64.If the firm lowers the selling price, it can expect its total revenue will _______.

Group of answer choices

a.increase

b.There is no way of being able to predict what will happen to total revenue without c.additional information.

d.remain the same

e.decrease