For inferior goods, a decrease in income will cause the
A. quantity demanded to increase.
B. quantity demanded to fall.
C. demand to increase.
D. demand to fall.
Answer: C
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The share of ________ goods in employment is ________ across the country. The share of ________ goods in employment is ________ across the country
A) nontraded; uniform; traded; variable B) traded; uniform; nontraded; variable C) durable; uniform; nondurable; variable D) nondurable; uniform; durable; variable E) nontraded; variable; traded; uniform
Even though government-operated firms do not have to make a profit, they usually operate efficiently
Indicate whether the statement is true or false
"Economics deals with human needs." Do you agree or disagree? Why?
What will be an ideal response?
When regulators require that a natural monopoly sets price equal to average total cost:
a. it is said to be allowing a fair rate of return. b. the firm earns a super normal profit. c. the firm shuts down permanently. d. the firm operates at the profit-maximizing level of output. e. the firm shuts down temporarily.