The demand curve for a good is horizontal when it is:* a perfectly inelastic good. a unitary elastic good. a perfectly elastic good. an inferior good. Which of the following factors would NOT affect the own price elasticity of a good?* time price of an input available substitutes expenditure share We would expect demand for jeans to be:* more elastic than the demand for clothing. less elastic than the demand for clothing. the same as the demand for clothing. neither more elastic, less elastic, nor the same elasticity as that of the demand for clothing.

Income elasticity of demand measures   how responsive price is to changes in quantity demanded. how responsive quantity demanded is to changes in income. how responsive income is to changes in education levels. how responsive quantity demanded is to changes in price.   For the next part, suppose the income elasticity of demand for butter is 0.470.47. That means butter is   an inferior good. a complementary good. a normal good. a substitute good. a luxury good.

Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is

1.If someone told you the cross price elasticity between driving and riding the Metro is -5, this is Group of answer choices *consistent with the article. *inconsistent with the article. *two of the answers are correct. *means both are normal goods *means one is a normal good and the other is an inferior good.   2.If gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 10% Group of answer choices *demand for gasoline is elastic. *demand for gasoline is inelastic. *total expenditures on gasoline would fall.   3.If gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 50% Group of answer choices *demand for gasoline is elastic. *demand for gasoline is inelastic. *total expenditures on gasoline would fall.       4.The greater the price elasticty of driving Group of answer choices *an increase in the price of gas would have a greater effect on traffic congestion *an increase in the price of gas…