Defining a market involves deciding how to view
a. equilibrium supply and demand
b. normative economic analysis
c. the thing being traded, the decision makers, and the trading environment
d. suppliers, demanders, shortages, and surpluses
e. excess demand and excess supply
C
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As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good
A) elastic; a normal B) inelastic; a normal C) elastic; an inferior D) inelastic; an inferior
If the price of apples goes down, then the demand for pears will
A) increase, assuming apples and pears are substitutes. B) decrease, assuming apples and pears are substitutes. C) decrease, assuming apples and pears are complements. D) remain constant, assuming apples and pears are related goods.