Derived demand is normally used with reference to?
A. superior goods B. inferior goods C. the cost of production D. the factors of production Correct Answer: Option D – the factors of production
A commodity will be demanded only if?
A. consumers income increases B. it has no close substitutes C. the price is low D. it has utility Correct Answer: Option D – it has utility
If the marginal utility of good X exceeds that of good Y; this implies that?
A. a rational consumer will buy less of X B. consuming more of X will increase total utility C. Y is an inferior good D. X will be cheaper than Y Correct Answer: Option B – consuming more of X will increase total utility
An important determinant of price elasticity of demand is?
A. the state of technology B. the prices of other commodities C. the ease of substitution D. government policy Correct Answer: Option C – the ease of substitutionProducts
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