St. Philips College

ECON 101

Chapter 6

1)If a good is normal, its______________________________.

2. The demand will be                                             if the consumer has                             substitute goods to choose from

3. If a good is inferior, its

4. Which of the following does not influence the price elasticity of demand?

5. Which of the following products will have more inelastic demand?

6. Supply is very inelastic when

7. To find the average percentage change in quantity demanded,

8. To find the average percentage change in price,

9. When demand is price-inelastic, ceteris paribus, an increase in

10. Income elasticity measures the

11. MP3 players and MP3 files are complementary goods. The cross-price elasticity of demand between MP3 players and MP3 files is expected to be

12. If two goods are complementary goods, then

13. Elasticity of supply looks at

14. A good is normal if the sign on the income elasticity formula is

15. The formula for cross-price elasticity is