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?

If the price elasticity of demand coefficient equals 2 then:

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