Assuming that beer is a normal good, what will happen to the demand for beer near college towns if ...

Assuming that beer is a normal good, what will happen to the demand for beer near college towns if student income increased?
a. Demand will fall because students love these beers
b. Demand will fall
c. Demand will rise
d. Supply would rise

QUESTION 2

Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values 20, 20, 40, and 40 respectively. The expected value is:
a. 22
b. 24
c. 26
d. 28

QUESTION 3

An increase in demand could arise from which of the following factors
a. an increase in income
b. a decrease in the price of a substitute
c. an increase in the price of a complement
d. all of the above

QUESTION 4

Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values 10, 20, 30, and 40 respectively. The expected value is:
a. 22
b. 24
c. 26
d. 28

QUESTION 5

An increase in demand could arise from which of the following factors
a. an increase in income
b. a decrease in the price of a complement
c. an increase in the price of a substitute
d. all of the above

QUESTION 6

Three possibilities have probabilities 0.5, 0.4 and 0.1 and values 10, 20, and 30 respectively. The expected value is:
a. 15
b. 16
c. 17
d. 18

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Assuming that beer is a normal good, what will happen to the demand for beer near college towns if ...

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