When Brenda was in college, she worked part-time delivering pizzas and she ate five boxes of macaroni and cheese per week. After graduation, she became a high school teacher and ate only two boxes of macaroni and cheese per week. From this information,
a. macaroni and cheese is a normal good for Brenda
b. the law of demand applies to macaroni and cheese for Brenda
c. macaroni and cheese are substitute goods
d. macaroni and cheese is an inferior good for Brenda
e. Brenda's income elasticity of demand for macaroni and cheese is positive
D
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A perfectly competitive firm that should not shut down in the short run will maximize profit where
a. VC = 0 b. FC = 0 c. AFC = MC d. P = MC e. ATC = 0
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a. internally induced cycles b. externally induced cycles c. real business cycles d. population cycles e. accelerating cycles
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A. a ratio of total employed to the population. B. a ratio of unemployed to the total employed. C. a percentage of the labor force. D. a percentage of the population.