Pam considers t-shirts and gym classes to be complementary goods.How will Pam react if the price of gym classes increase?
Her quantity demanded of gym classes will increase, and her demand for t-shirts will increase.
Her quantity demanded of gym classes will increase, and her demand for t-shirts will decrease.
Her quantity demanded of gym classes will decrease, and her demand for t-shirts will be unaffected.
Her quantity demanded of gym classes will decrease, and her demand for t-shirts will decrease.
Q.2.
What type of good can be summed up with the following statement: If you had an increase in income you would not own this car.
inferior good
complement good
substitute good
normal good
Q.3.
If income increases, what will happen to the demand curve for an inferior good?
shift to the left
shift to the right
stay the same
move down
Q.4.
If income increases, what best describes normal goods?
at any price there will be an increase to demand
only at low prices there will be an increase to demand
only at higher prices there will be an increase to demand
there will be no change
Q.5.
What happens to the demand curve when people expect the future price to lower and people wait to buy?
it stays the same
it shifts right
it shifts left
it moves up
Q.6.
What happens to the demand curve when people expect future prices to increase and people buy now rather than later?
it stays the same
shifts to the left
shift to the right
moves up
Q.7.
Economists have observed that when average incomes increase, purchases of fast food tends to decline.Based on this information, what can we definitely say about fast food?
Fast food has no substitutes
Demand for fast food is upward sloping
The price of a complement to fast food has risen
Fast food is an inferior good
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