Week 7 Quiz - Week 7 Quiz 1 If consumers consider Ben and...

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Week 7 Quiz 1. If consumers consider Ben and Jerry’s ice cream to be a normal good and Kroger brand ice cream to be an inferior good, then when consumer income rises we will predict: 1. Higher demand for Ben and Jerry’s ice cream and lower demand for Kroger brand ice cream. 2. If the cross price elasticity of demand between two goods is negative, then the two goods are: 2. Complements 4. What do we mean when we say a product is unit price elastic? 1. The product has a price elasticity of demand equal to 1 in absolute value. 2. A small percentage change in the price of the product will have an equal percentage change in the opposite direction in the quantity demanded for that product. 3. The product has a price elasticity of demand equal to -1. 4. All of the above. 5. There are fewer substitutes for clothing in general than there are for a specific brand of clothing. This means that the demand for clothing is ____ than the demand for a specific clothing brand.
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