1. which of these is true of substitute products?
a. an increased price for one will always result in an increased price for the other.
b. an increased demand for one will always result in an increased demand for the other.
c. a decreased in price for one will usually result in an increased demand for the other.
d. a decreased in price for one will usually result in a decrease in demand for the other.
2. ifconsumers are willing to pay more for a product, the maker of that product will likely make more of it. this is known as
a. a price floor
b. the law of supply
c. the law of demand
d. equilibrium price
3. factors like income, consumer expectations, population, consumer tastes, and the availability of complementary or substitute products would change which part of the market?
a. supply
b. demand
c. law of supply
d. law of demand
4. which of the following products would have the most elastic demand?
a. bread
b. peanut butter
c. luxury yacht
d. minivan
5. which of the following products would have the most inelastic demand?
a. gasoline
b. candy
c. x-box 360
d. a car