If the cross-price elasticity of an item is -3, which of the following can Professor Penny conclude about the item ? * O It is a normal good. O It is an inferior good. O It is a complement. It is a...

Extracted text: If the cross-price elasticity of an item is -3, which of the following can Professor Penny conclude about the item ? * O It is a normal good. O It is an inferior good. O It is a complement. It is a substitute. none of the above


Extracted text: A decrease in the price of widgets will result in which of the following? An increase in demand for widgets O A decrease in demand for widgets. O A decrease in quantity supplied for widgets An increase in quantity supplied for widgets O An increase in supply for widgets. If the government establishes a price ceiling BELOW the equilibrium price in the market for apartments, which of the following is mostly likely to occur? * a surplus of apartments a shortage of apartments an excess supply of apartments an increase in the minimum wage O nothing