LSU ECON 2000: Exam 1 Sample Test, MARX with Answers Rated A

For which of the following goods is the income elasticity

of demand likely lowest?

A. Water

B. Sapphire Pendant Necklaces A

C. Filet Mignon Steaks

D. Fresh Fruit

Suppose Phil and Miss Kay are the only consumers in

the market. If the price is $12, then the market quantity

demanded is D

A. 4 units

B. 6 units

C. 0 units

D. 2 units

If a decrease in income increases the demand for a good,

then the good is a(n)

A. Substitute ...
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