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Question: To determine whether a good is considered normal or inferior, one would consider the good's  a. i...

Show transcribed image text To determine whether a good is considered normal or inferior, one would consider the good's a. income elasticity of demand. b. price elasticity of demand. c. price elasticity of supply. d. cross-price elasticity of demand If the cross-price elasticity of two goods is negative, then those two goods are a. substitutes b. complements c. normal goods. d. inferior goods. If your want to know how an increase in the price of ice cream at the next door Ice Cream Shopper affects the demand for frozen yogurt in your shop you would compute the a. price elasticity of demand. b. income elasticity of demand. c. cross-price elasticity of demand. d. price elasticity of supply. An example of an explicit cost of production would be a. the cost of forgone labor canings for an entrepreneur. b. the lost opportunity to invest in other capital markets when the money is inverted in one's business. c. the cost of flour for a baker. d. None of the above are correct. The largest chain restaurant (measured by U.S. annual sales) is a. Wendy's b. Burger King c. Starbucks d. Subway e. McDonalds If the demand for a product increases, we would expect equilibrium price a. to increase and equilibrium quantity to decrease b. to decrease and equilibrium quantity to increase. c. and equilibrium quantity, to both increase d. and equilibrium quantity to both decrease.

To determine whether a good is considered normal or inferior, one would consider the good's a. income elasticity of demand. b. price elasticity of demand. c. price elasticity of supply. d. cross-price elasticity of demand If the cross-price elasticity of two goods is negative, then those two goods are a. substitutes b. complements c. normal goods. d. inferior goods. If your want to know how an increase in the price of ice cream at the next door Ice Cream Shopper affects the demand for frozen yogurt in your shop you would compute the a. price elasticity of demand. b. income elasticity of demand. c. cross-price elasticity of demand. d. price elasticity of supply. An example of an explicit cost of production would be a. the cost of forgone labor canings for an entrepreneur. b. the lost opportunity to invest in other capital markets when the money is inverted in one's business. c. the cost of flour for a baker. d. None of the above are correct. The largest chain restaurant (measured by U.S. annual sales) is a. Wendy's b. Burger King c. Starbucks d. Subway e. McDonalds If the demand for a product increases, we would expect equilibrium price a. to increase and equilibrium quantity to decrease b. to decrease and equilibrium quantity to increase. c. and equilibrium quantity, to both increase d. and equilibrium quantity to both decrease.