03 Jun Question 1. Suppose that the market of cellular phones
Question
1. Suppose that the market of cellular phones, an inferior good, is in equilibrium. Then a decrease in consumers’ income due to a recession, everything else constant, will:
a. increase the demand for cellular phones and increase the equilibrium price
b. decrease demand for cellular and decrease the equilibrium price
c. decrease demand for cellular phones and increase the equilibrium price
d. increase the demand for cellular phones but decrease the equilibrium price
2. Which of the following alternatives causes only the quantity demanded of cellular phones to change?
a. A decrease in the price of cellular phones
b. A decrease in the income of consumers
c. An increase in the quality of cellular phones
d. An increase in the number of consumers who buy cellular phones
3. Printers and printer ink are complementary goods. If the price of printer ink in the market falls dramatically, all else equal, the demand for printers should
a. first fall then rise
b. decrease
c. stay the same
d. increase
4. Suppose that the income elasticity of cellular phones is +.89. Then cellular phones can be classified as:
a. normal and necessity
b. inferior and inelastic
c. elastic and luxury
d. normal and cyclical
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