The negative slope of the demand curve reflects the:

How would a decrease in consumer income affect the market for new automobiles, a normal good?

There are three goods you are interested in purchasing, X, Y and Z. You notice that the price of Z has fallen. Assume that the cross price elasticity between Z and Y is −1.5, the cross price elasticity between Y and X is 3.0, and the cross price elasticity between Z and X is 0.50. It would make sense that:

If the price elasticity of demand coefficient equals 2 then:

Which of the following is the most likely result of an increase in the minimum wage?

Since it is always a negative number, economists use the convention of dropping the negative sign from:

The long run is a planning period:

Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):

If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:

Suppose that the price of telephones decreases. If more are purchased then: