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ECS1501-25-Y
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What happens when a minimum price is set above the equilibrium price?
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Which of the following is a potential consequence of a maximum price?
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How can a government counteract the negative effects of a price ceiling?
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Fixing a minimum price for wheat above the equilibrium price will result in an excess supply of wheat.
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Which of the following is most likely to have an inelastic supply in the short run?
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If the price of tea increases and the demand for coffee increases, the cross elasticity of demand between tea and coffee is:
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If the cross elasticity of demand between two goods is high and positive, this implies that the goods are:
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If the income of consumers increases by 10% and the demand for a product falls by 5%, the product is:
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Which of the following is true about luxury goods?
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In South Africa the income elasticity of the demand for meat for high-income households has been estimated at 0,32. This implies that meat is an inferior good.
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