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10) A turnip is an inferior good if A) turnips violate the law of demand. B) an increase in income increases the demand for turnips. C) an increase in the price of a turnip decreases the quantity of turnips that consumers want to buy D) an increase in income decreases the demand for turnips. E) turnips are a low quality good.

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Keith Leannon
Keith LeannonLv2
29 Nov 2018
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Related questions

60) The price of a good will increase if A) the price of a substitute in consumption decreases. B) supply of the good decreases. C) demand for the good decreases. D) there is a surplus of the good. E) it is an inferior good and income increases.

33) If A is an inferior good and consumer income rises, the demand for A A) decreases and the equilibrium price and the equilibrium quantity decrease. B) decreases and the equilibrium price falls but the equilibrium quantity increases. C) increases and the equilibrium price rises but the equilibrium quantity decreases. D) increases and the equilibrium price and the equilibrium quantity increase. E) decreases and the equilibrium price rises; as a result, the equilibrium quantity decreases.

1. An increase in the price of a good will

a. increase quantity demanded

b. increase demand

c. decrease demand

d. decrease quantity demanded

 

2. An increase in the price of good will

a. decrease quantity supplied

b. increase quantity supplied

c. decrease supply

d. increase supply

 

3. An increase in price causes an increase in total revenue when demand is

a. inelastic

b. elastic

c. unit elastic

d. all of the above

 

4. Which of the following could be the price elasticity of demand for a good for which a price increase would decrease revenue?

a. 1.0

b. 0.6

c. 2.6

d. 0.9

 

5. Other things equal, when the price of good falls, the

a. quantity supplied of good increases

b. demand increases

c. supply decreases

d. quantity supplied of the good decreases

 

 

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