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Pizza is a normal good if Select one 0 a, the demand for pizza rises when income rises. O b. the demand for pizza rises when the price of pizza falls O c. the demand curve for pizza slopes downward O d, the demand curve for pizza shifts to the right when the price of burritos rises, assuming pizza and burritos are substitutes. The term price takers refers to buyers and sellers in Select one O a. perfectly competitive markets. O b. monopolistic markets O c. markets that are regulated by the government. d. markets in which buyers cannot buy all they want and/or sellers cannot sell all they want. Two goods are substitutes when a decrease in the price of one good Select one: a, decreases the demand for the other good. b. decreases the quantity demanded of the other good. c. increases the demand for the other good. d. increases the quantity demanded of the other good
Answer1..) Normal good is positively related to the income. Rise in income correspondingly lead to rise in demand for good. Prizza is a normal good if demand for pizza rise when income rises. Right answer is : (A) 2) Price taker refers the market situation where price is decided by demand and supply forces. An individual seller cannot influence market price. In perfectly competitive market, price is decided by the demand and supply forces. Firm does not control over the price level. Right answer is : (A) 3) Two substitute good do not exhibit inverse price and quantity relationship. Rise in price of one good leads to correspondingly rise in demand for other good. Hence, decrease in price of one good decreases the demand for the other good.
Right answer is : (A)