A function refers to O the demand and supply of a commodity, service or resource O the demand for a commodity None of the above is correct the supply of a commodity Which of the following will cause an increase in demand for a normal good? O An increase in the price of a complementary good OA decrease in income O An increase in the price of the good O None of these is correct Drive Safe Company sells recapped tyres. In a recent year, consumer incomes fell by 4% and the quantity of recapped tyres sold by Drive Safe rose by 6%. Prices of related goods did not change. The evidence suggests that the O income elasticity for Drive Safe tyres is positive but less than 1. None of the above is true. income elasticity for Drive Safe tyres is negative income elasticity for Drive Safe tyres is greater than 1. Assume that the cross elasticity between two goods is -3. An increase in the price of the first good will O result in a downward movement along the demand curve for the second good. O cause the demand curve of the second good to shift to the left O cause the demand curve of the second good to shift to the right Have an unpredictable effect on the demand curve of the second good. Which of the following will NOT cause a shift in the demand curve for mountain bikes? OA large increase in the price of gasoline O An increase in the average age of the population O An increase in consumers' incomes. O A doubling of the price of mountain bikes Price increases from $3.00 to $4.00 and quantity demanded decreases from 110 to 90 units. The price elasticity of demand is None of the above is correct -0.50 O -0.7 O-0.9 For complementary goods X and Y, which of the following statements is true? O The effect of Qx on a change in the price of Good Y is the same as the effect of Qy on a change in the price of Good X. OA decrease in Py shifts the demand curve for Good X to the right. An increase in Py shifts the demand curve for Good X to the right None of these is true