The income elasticity of demand for olive oil is. Select one: O a. negative as olive oil is considered a good of low quali O b. negative as olive oil is considered an inferior good O c. positive as olive oil is considered a normal good. d. equal to zero as the demand for olive oil does not dep

Suppose the Lethbridge Computer Company decides to increase the quantity of computers it sells by 6 percent. If the price elasticity of demand is 3.0, the company must O A. lower the price of a computer by 1.8 percent. O B. raise the price of a computer by 0.5 percent. OC. lower the price of a computer by 0.5 percent. O D. lower the price of a computer by 2.0 percent. O E. raise the price of a computer by 2.0 percent.

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If new cars are an elastic good then: O If the price of new cars goes up people will buy more OIf the price of new cars goes up people will buy less If the price of new cars goes down people will buy less No matter what the price demand for new cars remains the same 0耳 0 hp

15. Holding all else constant, a higher price for ski lift tickets would be expected to O A. increase the number of skiers O B. decrease the demand for other winter recreational activities O C. Decrease the supply of ski resorts O D. Decrease demand for skis

How is the price elasticity of demand measured? The price elasticity of demand is measured as A. the percentage change in the quantity supplied divided by the percentage change in the quantity demanded. B. the change in the quantity demanded divided by the change in price. c. the slope of the demand curve. D. the percentage change in the quantity demanded divided by the percentage change in price. O E. the quantity demanded divided by price. O O O O

QUESTION 5 When demand is inelastic, a decrease in price will cause: O a. A decrease in quantity demanded but no change in total revenue O b. An increase in total revenue O c. An increase in quantity demanded and an increase in total revenue O d. A decrease in total revenue

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