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23) Oatmeal is a normal good and cold cereal is a substitute for oatmeal. Raisins are a complement of oatmeal. Which of the following increases the demand for oatmeal? A) an increase in the price of cold cereal B) an increase in the price of raisins C) a decrease in population D) an increase in the supply of oatmeal E) a decrease in income

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Nelly Stracke
Nelly StrackeLv2
22 Mar 2018
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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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Related questions

1) When the average incomes of its buyers were $60,000 per year, a certain cereal sold 1.2 million units. When incomes increased to $65,000 per year, the cereal sold 1.4 million units. Calculate the appropriate elasticity.

2) The cereal described in the last question

A. has demand that is price elastic

B. has a demand that is price inelastic

C. has a demand that is unit elastic

3) The cereal is

A. A normal good

B. An inferior good

C. A substitute

D. A complement

E. A luxury good



12) Which one of the following events shifts the demand curve for grape jelly to the right? A) a decrease in the price of strawberry preserves, a substitute for grape jelly B) an increase in the price of peanut butter, a complement of grape jelly C) an increase in income if grape jelly is a normal good D) a decrease in the population E) a decrease in the price of grape jelly

9) Which one of the following events shifts the demand curve for grape jelly to the right? A) an increase in the price of peanut butter, a complement of grape jelly B) an increase in income if grape jelly is a normal good C) a decrease in the population D) a decrease in the price of strawberry preserves, a substitute for grape jelly E) a decrease in the price of grape jelly

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