16)Suppose that the demand for minivans has declined. Which of the following would offer a consistent explanation? * a)Minivan consumers have experienced a decline in income and minivans are a normal good. b)The price of gasoline, a complement for minivans, has declined c)The price of sport utility vehicles, a substitute for minivans, has risen d)There are fewer people choosing to have two or more children, and thus the number of minivan buyers is declining.
16)Suppose that the demand for minivans has declined. Which of the following would offer a consistent explanation? * a)Minivan consumers have experienced a decline in income and minivans are a normal good. b)The price of gasoline, a complement for minivans, has declined c)The price of sport utility vehicles, a substitute for minivans, has risen d)There are fewer people choosing to have two or more children, and thus the number of minivan buyers is declining.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 19QP
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16)Suppose that the
a)Minivan consumers have experienced a decline in income and minivans are a normal good.
b)The price of gasoline, a complement for minivans, has declined
c)The price of sport utility vehicles, a substitute for minivans, has risen
d)There are fewer people choosing to have two or more children, and thus the number of minivan buyers is declining.
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