Question
No explanation please 1.If John looses his job and his income decreases, we would expect Group of answer choices his demand for normal goods to
No explanation please
1.If John looses his job and his income decreases, we would expect
Group of answer choices
his demand for normal goods to increase
his demand for all goods he purchases to remain unchanged
his demand for normal goods to decrease
his demand for inferior goods to decrease
2.
Suppose that scientists find evidence that coffee consumption lowers cholesterol. If so, we would expect to see
Group of answer choices
an increase in demand for tea, if coffee and tea are substitutes
no change in demand for coffee
an increase in demand for coffee
a decrease in demand for coffee
3.Suppose peanut butter and jelly are complements. If so, a decrease in the price of peanut butter will lead to
Group of answer choices
an increase in demand for peanut butter
a decrease in demand for peanut butter
a decrease in demand for jelly
an increase in demand for jelly
4.Suppose you are an ice cream maker. An increase in the price of cream will cause your
quantity supplied of ice cream to increase
supply of ice cream to increase
quantity supplied of ice cream to decrease
supply of ice cream to decrease
5.Suppose an online retailer sells 70 books per month at $15 each. If they lower the price to $7.00 each they sell 90 books. If so, the price elasticity of demand for the books is
Group of answer choices
0.34
1.24
-3.14
2.54
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