If an increase in a person's income causes that person to buy more apples, then apples are
a. neutral with respect to price
b. complements
c. inferior goods
d. normal goods
e. substitute goods
D
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Historically, which of the following is the most influential factor driving innovation in the hotel industry?
A. Downturns in the economic cycle B. Focus of the populace on travel in general C. Amenity creep D. Importance of innovation as seen by individual property managers E. Whether or not brand equity is seen as important at any given time
Each of the following took place in the latter half of the 1990s except
A. a declining federal budget deficit. B. a declining unemployment rate. C. the spread of computerization. D. a rising rate of inflation.
Refer to the diagram. A shortage of 160 units would be encountered if price was:
A. $1.10, that is, $1.60 minus $.50.
B. $1.60.
C. $1.00.
D. $0.50.
Studying the determination of prices in individual markets is primarily a concern of
A) positive economics. B) negative economics. C) macroeconomics. D) microeconomics.