A Giffen good is a good for which
a. an increase in the price raises the quantity demanded.
b. the income effect outweighs the substitution effect.
c. an increase in the price decreases the quantity demanded.
d. Both a) and b) are correct.
d
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As you move rightward on a marginal cost of abatement curve, emissions are
A) falling, and the cost of eliminating the marginal unit falls. B) rising, and the cost of eliminating the marginal unit falls. C) falling, and the cost of eliminating the marginal unit rises. D) rising, and the cost of eliminating the marginal unit rises. E) rising, and the cost of eliminating the marginal unit is constant.
A profit center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
Both the value of hamburgers sold by a restaurant and the value of the beef it used to make these hamburgers are included in GDP
a. True b. False Indicate whether the statement is true or false
Which of the following is consistent with the general consensus about the shape of the short-run aggregate supply curve?
A. Horizontal at all production levels. B. Horizontal until full employment is reached, and then vertical. C. Vertical. D. Horizontal, then upward-sloping, and ultimately vertical.