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Question 1 Not yet answered Marked out of 1.00 Flag question When income of the consumer increases, there is a. a contraction in quantity demanded for normal goods O b. an increase in demand for normal goods O c. an increase in demand for inferior goods O d. a decrease in demand for normal goods Question 2 Not yet answered Marked out of 1.00 p Flag question Why principles of microeconomics are called as Price theory? O a Microeconomic principles are required for determining the prices of inputs and output b. Microeconomic principles are required for determining input prices O c. Microeconomic principles are required for determining output prices O d. Microeconomic principles are required for understanding the types of market structure Question 3 Not yet answered Marked out of 1.00 Flag question The price elasticity of demand in the market can be O a. Greater than 1 O b. Less than 1 O c. Equal to 1 O d. All of these