Supply and Demand

Supply is unitary elastic.

Supply is perfectly inelastic.

Supply is relatively inelastic.

Supply is elastic.

There would be no change in quantity demanded.

The quantity demanded would increase.

The price level of the good would decrease.

The quantity demanded would decrease.

It would become negative as luxury cars and economy cars are complements.

It would likely decrease because both are types of cars.

It would remain unchanged as car preferences are not affected by taxes.

It would likely increase due to luxury cars becoming comparatively more expensive.

Fixed Expenditures

Consumption Utility

Cross-Price Elasticity

Opportunity Cost

Income.

Advertising.

Price.

Population.

It becomes more elastic as producers rush to meet changing preferences.

It remains unchanged because price elasticity of supply depends on production flexibility, not consumer preferences.

It becomes less elastic since fewer suppliers will produce such goods.

It becomes perfectly elastic as prices drop dramatically due to reduced preference.

The incidence of the tax cannot be determined without more information.

Consumers will bear the entire burden of the tax.

Producers will bear the entire burden of the tax.

The burden of the tax will be equally shared between consumers and producers.

As a necessity.

As a normal good.

As a luxury good.

As an inferior good.

There would be no change in quantity demanded for the other good.

The quantity demanded for the other good would increase as they are substitutes.

The quantity demanded for the other good would decrease as they are complements.

The effect on the quantity demanded for the other good cannot be determined without additional information.

Supply curve remains unchanged.

Supply curve shifts left (decrease).

Supply curve shifts right (increase).

Supply curve shifts upward.