If consumers think that there are very few substitutes for a good, then ?

If the income elasticity of demand for a good is negative it must be ?

A. an elastic good

B. an inferior good

C. a normal good

D. a luxury good

If there is excess capacity in a production facility it is likely that the firm’s supply curve is ?

A. price inelastic

B. none of these

C. unit price elastic

D. price elastic

Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?

A. increase total revenue to farmers as a whole because the demand for food is elastic

B. increase total revenue to farmers as whole because the demand for food is inelastic

C. reduce total revenue to farmers as a whole because the demand for food is elastic

D. reduce total revenue to farmers as a whole because the demand for food is inelastic

A decrease in supply (shift to the left) will increase total revenue in that market if ?

A. demand is price inelastic

B. supply is price elastic

C. supply is price inelastic

D. demand is price elastic

If a supply curve for a good is price elastic then ?

A. the quantity supplied is sensitive to changes in the price of that good

B. That quantity demanded is insensitive to changes in the price of that good

C. the quantity demanded is sensitive to changes in the price of that good

D. the quantity supplied is incentive to changes in the price of that good

E. None of these