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Questions and Answers
By how much does the demand for X increase if the price of good Y increases by $2?
By how much does the demand for X increase if the price of good Y increases by $2?
- 4
- 2
- 6 (correct)
- 8
If the price of good X decreases by $5, what happens to the demand for X?
If the price of good X decreases by $5, what happens to the demand for X?
- It decreases by 2
- It remains constant
- It increases by 5
- It increases by 2 (correct)
What happens to the demand for X if income increases by $20,000?
What happens to the demand for X if income increases by $20,000?
- It decreases by 20 (correct)
- It increases by 10
- It decreases by 10
- It increases by 20
