Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:

Suppose that Starbucks reduces the price of its premium coffee from $2.20 to $1.80 per cup, and as a result, the quantity sold per day increased from 350 to 450. Over this price range, the price elasticity of demand for Starbucks coffee is:

Suppose that X and Y are substitute goods. If the price of good X increases, we can expect:

Price elasticity of demand depends on all of the following except:

In order to prove that Dr. Pepper and 7-Up are substitutes, economists should test the ____ and get a ____.

In the theory of consumer choice, when a person is choosing which good or service to consume, how do they select the units of good or service to consume?

The negative slope of the demand curve reflects the:

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:

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

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