1. 9. Mat ea concept in Column A with the corresponding fact or example in Column B.

Column A Column B

a. Price-inelastic demand 1. Income elasticity of 1.4 Column A Column B

b. Inferior good

c. Income effect of a price

ange

d. Perfectly price-elastic supply

e. Unit price elasticity of demand 2. A 12% rise in price is associated with a 12% fall in quantity demanded 3. Dining out more oen because your landlord reduced your rent 4. Expenditures on a good increase when your income rises 5. Any rise in price will cause quantity demanded to fall to zero

f. Perfectly inelastic supply g. Normal good h. Perfectly elastic demand i. Substitution effect j. Income-elastic demand 6. Buying fewer muffins, and more donuts, because the relative price of muffins has risen 7. Revenues rise as a seller increases her price 8. What you face when buying milk at the grocery store 9. e acres of land in downtown Chicago 10. People spend less on this as they get rier