Economics 12E - Arnold - TB_109 - c less than the percentage change in the quantity demanded of good Z d equal to the percentage change in the price of

Economics 12E - Arnold - TB_109 - c less than the...

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c. less than the percentage change in the quantity demanded of good Z.d. equal to the percentage change in the price of good Z.e. greater than the percentage change in the price of good Z.ANSWER: aPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: Comprehension165. Income elasticity of demand for good A is -0.22. Good A is income __________ and is a(n) __________ good.a. unit elastic; normalb. elastic; inferiorc. inelastic; normald. elastic; normale. inelastic; inferiorANSWER: ePOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: Application166. For a normal good, __________ falls as income __________; for an inferior good, __________ rises as income __________.POINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: Application167. As the price of a good falls from $5 to $3, the quantity supplied of the good falls from 550
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units to 400 units. Price elasticity of supply isPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: ApplicationNOTES: New
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