Multiple Choice questions The following information is provided for Tony Romo's income and expenditures. In Table 1, using Are (midpoint) Tony's income elasticity of demand for steaks is A) 1.0. B) 1.6665 C) less than 1.0. D) zero. In Table 1, pizzas are classified as a(n) A) normal good. B) positive good. C) inferior goods. D) marginal good. In Table 1, steaks are classified as a(n) A) normal good. B) positive good. C) inferior good. D) marginal good. If a firm decreases the price of a good and total revenue decreases, then A) the demand for this good is price elastic. B) the demand for this good is price inelastic. C) the cross elasticity is negative. D) the income elasticity is less than 1. You are asked to advise Rite Aid pharmacy on its pricing policies. You suggested to them that they raise the price on prescription drugs since "people need the medicine and will buy them at any price." As a result, the pharmacy believes that the demand for their drugs is A. Inelastic. B. Elastic C. Independent The production period in which at least one input is fixed in quantity is the A) production run. B) long run. C) short run. D) planning horizon