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Change in income will increase

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Reference no: EM131687369

True, False, Explain with two sentences explaining why each statement is true, false, or uncertain. No credit will be given without explanation.

1. If the price for peanut butter increases, the demand for jelly will remain unchanged.

2. If income for an individual rises, the individuals demand for every good they tended to buy before the change in income will increase.

3. Decreasing the price for iPhones will increase the Demand for iPhones 4. The demand for food is more elastic than the demand for pizza.

5. If supply is relatively elastic and demand is relatively inelastic, the burden of a tax will primarily fall on producers.

Reference no: EM131687369

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