If your income doubles and the prices of the goods you buy double, then your demand for these goods will likely ________

Related MCQs

• Football socks are found to have a cross-elasticity of demand of −2 with respect to product Y. Which of the following products is most likely to be product Y:
• When elasticity of demand is 2, the demand will be:
• The elasticity of demand for the demand curve of a firm under perfect competition is
• If the demand facing a monopolist is P = 100 − 10Q and marginal cost is constant at 20, then the profit maximizing price and quantity for this monopolist are:
• Demand function for a commodity is D = 44 – 7P and supply function S = 2P –10, then the equilibrium price is:
• For complementary goods the cross elasticity of demand will be ______
• If the demand curve for a monopolist is P = 100 -20Q, then the marginal revenue of that firm is given by the equation:
• A price discriminating Monopolist is considered more efficient than a single prices monopolist because:
• A profit-maximizing monopoly firm with a demand curve P = 50 − Q is a perfect pricediscriminator. If it has marginal costs of Rs. 10/unit and fixed costs of Rs. 30, it will produce _____ units of output and will make______ profit.
• The Price elasticity of demand for a product is 1.5 and its MR = 8, find its price: