We can anticipate that many more wingback armchairs will be bought when the price of furniture falls because a. wingback chairs have many substitutes c. furniture is a luxury b. chairs are a necessity d. consumer income has risen Over the same range of prices, we would expect hobby painters' price elasticity of demand for watercolor paints to be than artists' price elasticity of demand for watercolor paints. a. more elastic; watercolor paints are a normal good b. less elastic; watercolor paints are an inferior good 0. the same; they both paint (1. more elastic; hobby painters can substitute other activities If Ruth increased her quantity demanded of exercise classes at the gym per semester from 100 to l50 when the price fell from $4 to $2 then her price elasticity of demand over this range of prices is ' a. 0.6 b. w1.66 c. 0.6 d. 0.33 When the price of brusscl sprouts falls 20%, the quantity demanded increases 5%. The price elasticity of demand for brusscl sprouts over this range of prices is . a, perfectly inelastic. c. perfectly elastic. b. inelastic. d. elastic. My friend Callie works at Adorn, a women's clothing boutique in downtown Waco. She estimates the price elasticity of demand for Adorn clothing is -4. If Callie marks down the clothes by 15%, she expects to sell ___more. a. 60% b. 12% c. 6.66% d. 0.12% My friend Gary says, \"I don't care what the price is, I will always buy three gallons of ice cream every week because I love it so much.\" Gary is saying that his price elasticity of demand is a. perfectly elastic c. perfectly inelastic b. elastic d. inelastic