After getting a raise at work, Jennie now regularly buys steak instead of hamburger. Based on this behavior, we can assume:
A. steak is a normal good, and hamburger is an inferior good for Jennie.
B. steak and hamburger are - normal goods for Jennie.
C. steak is an inferior good, and hamburger is a normal good for Jennie.
D. steak and hamburger are complementary goods for Jennie.
Answer: A
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The table above shows the marginal costs and marginal benefits of college education. The efficient amount of enrollment is
A) 12 million. B) 20 million. C) 16 million. D) 24 million.
If total production (TP) is less than total expenditures (TE), it follows that
A) optimum inventory levels fall. B) firms have underproduced. C) firms increase the quantity of goods they produce. D) b and c E) a, b, and c
Figure 3-2
Given the supply and demand conditions illustrated in , the equilibrium price of steak is
a.
$2 per pound.
b.
$4 per pound.
c.
$6 per pound.
d.
$8 per pound.
What two trends was Canada trying to address in negotiating CUSTA?
What will be an ideal response?