Other things remain constant, a fall in the price of coffee will ______ Select one: a. Decrease the quantity supplied of Tea b. Decrease the quantity supplied of coffee. c. Increase the quantity supplied of coffee. d. Increase the quantity supplied of Tea.

percent increase in income leads to a 15 percent decrease in the quantity of macaroni and cheese demanded but no change in the price of macaroni and cheese. From this information, we can assume: a. macaroni is an inferior good and price elasticity of demand is less than 1. b. macaroni is an inferior good and price elasticity of supply is equal to zero. c. macaroni is a normal good and price elasticity of demand is greater than 1. d. macaroni is an inferior good and price elasticity of supply is infinite.

Demand is said to be _____ when the quantity demanded is not very responsive to changes in price. Select one: a. inelastic b. independent c. elastic d. unit elastic

If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that: Select one: a. Goods X and Y are normal goods. b. the price of Good Y will increase. c. Goods X and Y are complement goods. d. Goods X and Y are substitute goods.

The following factors shifts the supply curve to the right, except_______ Select one: a. The price of the product projected to increase. b. The price of the product projected to decrease. c. Technology development that decreases the cost of production. d. Fall in the wage rate.