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ECS1501-25-Y

ECS1501-25-Y

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A higher price for hot dogs would result in a

decrease in the demand for hot dogs ____

❌

decrease in the demand for hot dog buns.

✅

increase in the demand for hot dog buns.

❌

increase in the demand for hot dogs.

❌

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Which of the following changes would not shift the demand curve for a good or service?

a change in income

a change in the price of the good or service

a change in the price of a related good or service

a change in expectations about the future price of the good or service

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You lose your job and, as a result, you buy more iTunes music downloads. This shows that you consider iTunes music downloads to be a

inferior good.

luxury good.

normal good.

complementary good.

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You love pecan nuts. You hear on the news that 60 % of the pecan nut crop in the Limpopo Province has been wiped out, which will cause the price to triple by the end of the year. As a result,

your demand for pecan nuts falls as you look for a substitute good.

❌

the quantity pecan nuts demanded by you will decrease by the end of the year.

✅

your demand for pecan nut butter will decrease by the end of the year.

❌

you decide to give up pecan nuts completely.

❌

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You wear either shorts or tracksuit pants every day. You notice that tracksuit pants have gone on sale, so your demand for

shorts will increase.

shorts will decrease.