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plz make sure you answer correctly. Thank you, D Question 7 2 pts An increase in the price elasticity of demand of good X implies
plz make sure you answer correctly. Thank you,
D Question 7 2 pts An increase in the price elasticity of demand of good X implies that further increases in price would decrease quantity supplied. decrease total revenue increase total revenue. increase quantity demanded, Question 8 2 pts Assume that good Y has a very small but positive income elasticity of demand. In the future, a seller of good Y believes that the income of consumers who buy good Y will drastically increase. What should this seller do to prepare for the market change? Since the good is a necessity, the seller should expect a large change in the quantity demanded in the future. Since the good is a necessity, the seller should expect a small change in the quantity demanded in the future, Since the good is a normal good, the seller should expect a large change in the quantity demanded in the future Since the good is an inferior good, the seller should expect a arge change in the quantity demanded in the future Step by Step Solution
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