Which of the following will cause the demand curve for cable TV services to shift to the left?
A) a rise in the price of cable TV services
B) a decrease in average incomes of cable TV subscribers
C) an increase in population
D) the creation of several hit TV series
Answer: B
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If good A is a normal good and income increases, the equilibrium price of A ________ and the equilibrium quantity of A ________
A) rises; increases B) rises; decreases C) falls; decreases D) falls; increases
Assuming the demand curve is more elastic (flatter) than the supply curve, which of the following is true?
a. The full tax is always passed to the consumer no matter how flat (elastic) the demand curve is. b. The full tax is always passed to the seller no matter how flat (elastic) the demand curve is. c. The smaller the portion of a sales tax that is passed to the consumer. d. It does not make any difference how flat (elastic) the demand curve is; the tax is always split evenly between buyer and seller.