Author Question: If the price of a good changes but everything else influencing suppliers' planned sales remains ... (Read 55 times)

shofmannx20 · **on:** Jun 29, 2018

If the price of a good changes but everything else influencing suppliers' planned sales remains constant, there is a

A) new supply curve that is to the right of the initial supply curve.
B) new supply curve that is to the left of the initial supply curve.
C) movement along the supply curve.
D) rotation of the initial supply curve around the initial price.

Question 2

Which of the following statements is true about the income elasticity of demand?

A) The income elasticity of demand for normal goods is always zero.
B) The income elasticity of demand for inferior goods is always zero.
C) The income elasticity of demand for normal goods is always positive.
D) The income elasticity of demand for inferior goods is always positive.