The fact that travel on buses fell as incomes increased in many cities suggests that
a. bus travel is a normal good
b. the law of demand does not apply to bus travel
c. bus travel is an inferior good
d. there are no good substitute goods for bus travel
C
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Refer to Scenario 13.1. If Sammy gets to set the agenda, he will pit ________ in the first round to assure that ________ wins the first round vote
A) calamari and jalapeno poppers; calamari B) calamari and potato skins; calamari C) potato skins and jalapeno poppers; potato skins D) jalapeno poppers and potato skins; jalapeno poppers
Indifference curves intersect at the point of utility maximization
Indicate whether the statement is true or false
Optimal constitutional rules should _____
a. be decided by a supermajority of the current legislature b. be decided by a majority of people in a society c. be agreed upon by a consensus of the writers of the constitution d. have the support of a consensus of people in a society
For most goods and services the income elasticity of demand is
A) negative. B) positive. C) invisible. D) inverse.