1) If an increase in income leads to in an increase in the demand for peanut butter, then peanutbutter isA) a neutral good.B) a normal good.C) a necessity.D) a complement.Answer:B Show 2) Elvira decreased her consumption of bananas when the price of peanut butter increased. ForElvira, peanut butter and bananas areC3) A change in which variable will change the market demand for a product? Get answer to your question and much more Get answer to your question and much more 4) Suppose the value of the price elasticity of demand is -3. What does this mean? Get answer to your question and much more What is the income elasticity of demand for peanut butter and what does it tell us?The income elasticity for peanut butter is -3. This defines peanut butter as an inferior good. Any good with a negative income elasticity is an inferior good since as income levels increase you consume less of that good. the quantity supplied will fall to zero.
What is the difference between an increase in demand and an increase in quantity demanded group of answer choices?What is the difference between an "increase in demand" and an "increase in quantity demanded"? An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve.
Which of the following is the correct way to describe equilibrium in a market?The answer is D. Equilibrium refers to a state of the economy where there is no surplus or shortage in the market, in other words, quantity demanded is equal to quantity supplied. It is important to distinguish demand versus quantity demanded, and supply versus quantity supplied.
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If an increase in income leads to an increase in the demand for peanut butter, then peanut butter is
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