If potatoes are inferior goods which of the following

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Chapter 5 / Exercise 126
Business English
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39. If potatoes are inferior goods, which of the following will increase the demand for potatoes? a. Increase in the price of a complement b. Decrease in income c. Decrease in the price of a substitute d. Increase in income ANSWER: b
TOPICS: Section 4: What Makes Demand more Elastic
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Business English
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise 126
Business English
Guffey/Seefer
Expert Verified
40. As price increases, demand typically b
TOPICS: Section 4: What Makes Demand more Elastic 41. Which of the following statement is true? c
TOPICS: Section 4: What Makes Demand more Elastic 42. Which of the following is false? b
TOPICS: Section 4: What Makes Demand more Elastic 43. A gas station opened up on the highway in a patch where there are no gas stations close by. It is more likely to be able to set higher prices because a. the demand for its product is more inelastic due to an unavailability of substitutes b. the demand for its product is more elastic due to an unavailability of substitutes c. the demand for its product is more inelastic due to an availability of substitutes d. the demand for its product is more elastic due to an availability of substitutes ANSWER: a
TOPICS: Section 4: What Makes Demand more Elastic 44. Phil’s filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen’s gas another gas station opened up close by. The profits for the first gas station are likely to decrease because d
TOPICS: Section 4: What Makes Demand more Elastic

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