5. When the ticket price of going to a rock concert increases to $200, then the...
5. When the ticket price of going to a rock concert increases to $200, then the typical California teenager will consume less because many of them earn the minimum wage of $12.00 per hour. This microeconomic reaction describes:
A) The cost effect.
B) The inflationary effect.
C) The income effect.
D) The substitution effect.
Homework Answers
When price of rock concert increases to $200 , then the typical California teenager will consume less because minimum wage is $12 per hour. This microeconomics reaction describes the income effect because the change in consumers demand for rock concert depends on what income they earn. As their minimum wage is not that much , so increase in price decreases the demand for rock concert . Hence,option(C) is correct.
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