Economics Past Questions and Answers

A good is said to be inferior if its demand?

Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?

The elasticity of demand for a firm's product is 2.
If the firm reduces its price by 20 percent, its sales revenue will increase by?

If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?