04 Jun constant regardless of prices and perfectly elastic.
Question
Question 1
If the cross price elasticity of demand equals -1, then the two goods are
Answer
both normal.
both inferior.
complements to one another.
substitutes to one another.
5 points
Question 2
If there are only two goods and these are consumed in fixed proportions, the price elasticities of demand for these two goods will sum to
Answer
0.0
-0.5
-1.0
a number between 0 and -1.
5 points
Question 3
With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
Answer
normal
inferior but not Giffen
Giffen
There is not enough information to answer.
5 points
Question 4
Suppose demand can be written as P = 5. The elasticity of demand is)
Answer
increasing as price rises.
decreasing as price rises.
constant regardless of prices and perfectly elastic.
constant regardless of prices and unit elastic.
5 points
Question 5
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