People come to expect that the price of a gallon of...

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People come to expect that the price of a gallon of gasoline will rise next week. As a result, A) today’s supply of gasoline increases. B) today’s demand for gasoline increases. C) the price of a gallon of gasoline falls today. D) next week’s supply of gasoline decreases. Answer: B
The demand curve for a normal good shifts left-ward if income ____ or the expected future price ____.
If income increases or the price of a complementfalls,
If income decreases or the price of a complement rises,
A consumer might consider in-line skates and elbow-pads to be A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes. Answer: C
A decrease in the price of a game of bowling shifts the
Normal goods are those for which demand decreases as
A normal good is a good for which
Most goods A) are complements to each other. B) are normal goods. C) have vertical demand curves. D) have vertical supply curves. Answer: B
A normal good is a good for which demand
A) the price of a substitute falls. B) the price of a substitute rises. C) income decreases. D) income increases. Answer: C

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