What do products such as household electricity, tobacco and toothpicks have in common?Multiple ChoiceThey are all inferior goods.They all are likely to have incomes elasticities greater than one.The demand for all three goods is elastic.The demand for all three goods is inelastic.They all have a large number of substitute goods.

What do products such as movies, tomatoes and restaurant meals have in common?Multiple ChoiceThey are all inferior goods.They all are likely to have incomes elasticities less than one.The demand for all three goods is price elastic.The demand for all three goods is price inelastic.They all have a small number of substitute goods.

For which product is the income elasticity of demand most likely to be positive?Multiple Choicerethreaded tirescabbageused clothingcomputers

Identify the item most likely to be a luxury good among the four mystery itemsmultiple choiceItem A: price elasticity of demand = −2.3Item B: price elasticity of demand = −1.0Item C: price elasticity of demand = −0.8Item D: price elasticity of demand = −0.2

Which of the following goods would likely have a cross price elasticity of demand that is negative? Tea and coffee. Cars and gasoline. Printers and printer ink. Beef and chicken.

The elasticity of demand for a product will be higherChoose one optionAll the options are validThe more available are substitutes for that productThe more its buyers demand loyaltyThe more the product is considered a necessity by its buyers