Most goods a are complements to each other b are

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A complement is a good

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
Inferior goods are those for which demand in-creases as
By definition, an inferior good is a
If a good is an inferior good, then purchases of that good will decrease when A) income increases.
B) the price of a substitute rises. C) population increases. D) the demand for it increases. Answer: A An inferior good is a good for which demand
Gruel is an inferior good. Hence, a decrease in people’s incomes
When economists speak of preferences as influencing demand, they are referring to
An unusually warm winter A) shifts the supply curve of gloves rightward. B) shifts the supply curve of gloves leftward. C) shifts the demand curve for gloves rightward. D) shifts the demand curve for gloves leftward. Answer: D
In 2000 there were 200,000 gas grills demanded at a price of $500. In 2001 there were more than 200,000 gas grills demanded at the same price. This increase could be the result any of the following EXCEPT
B) an increase in income if gas grills are a normal good. C) a fall in the price of natural gas, a complement for a gas grill. D) an increase in population. Answer: A

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