1051. An increase in the price of complement for product A would______.

A. Shift demand for product a outwards
B. Direct product demand inwards *
C. Shift supply for product a inwards
D. Shift supply for product a outwards

1052. An increase in price all other things unchanged leads to _______.

A. Shift demand outwards
B. Shift demand inwards
C. A contraction of demand *
D. An extension of demand

1053. If a production is an inferior good _____.

A. Income is inversely correlated with demand *
B. Demand is inversely related to price
C. Demand is directly related to price
Demand and supply are inversely related to the cost of substitutes.

1054. The bowed shape of the production possibilities curve illustrates _____.

A. The law of increasing marginal cost *
B. That production is efficient
C. That production is unattainable
D. The demand is relatively inelastic

1055. If demand is price inelastic_____.

A. Profits must rise as a result of price increases.
B. An increase in price decreases revenue.
C. An increase in price increases revenue *
D. A decrease in price reduces sale

1056. For an inferior good______.

A. The value flexibility of interest is negative; the pay flexibility of interest is negative *
B The value flexibility of interest is positive;
C. The price elasticity of demand is negative, whereas the income elasticity of demand is positive;
D. There is a positive price elasticity of demand, and the income elasticity of demand is positive; Negative income elasticity of demand exists.

1057. For a normal good _______.

A. Demand is negatively impacted by price and negatively impacted by income.
B. Both the income elasticity of demand and the price elasticity of demand are favorable.
C. Demand’s price elasticity is negative; The price elasticity of demand is positive; the income elasticity of demand is positive *
D. Negative income elasticity of demand exists.

1058. Supply is likely to be more elatic_______.

A. In the short term as opposed to the long term
B. if production inputs are not very mobile between industries
C. If there are very few producers
D. If It is easy to expand output *

1059. A supply curve that starts at the origin has ______.

A. greater than one price elasticity of supply.
B. a supply price elasticity of one (*).
C. less than one in terms of the price elasticity of supply.
D. A positive price elasticity of supply

1060. A contraction in supply occurs when _______.

A. Demand shift outwards
B. The supply curve shift outwards
C. When prices drop, less is supplied *.
D. The supply curve shifts outwards