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QUESTION 12<ol><li>Which of the following correctly completes this statement? An inferior good is a

good</li><li>with a negative income elasticity of demand.</li><li>with a negative elasticity of supply.</li><li>with an income elasticity of demand between 0 and 1.</li><li>with a price elasticity of demand equal to 0</li></ol>QUESTION 13<ol><li>The quantity demanded of Pepsi has decreased.  The best explanation for this is that</li><li>the price of Coca-Cola has increased.</li><li>Pepsi's advertising is not as effective as in the past.</li><li>the price of Pepsi increased.</li><li>Pepsi consumers had an increase in income</li></ol>

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