A decrease in income will shift the demand curve for an inferior good to the right
a. True
b. False
Indicate whether the statement is true or false
True
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If policymakers deem inflation as being too high, then the policy response should be monetary ________, which shifts aggregate demand______.
A. easing; a left B. easing; right C. tightening; left D. tightening; right
Refer to Figure 9-3. What is the area of domestic producer surplus after the imposition of a quota?
A) B + C B) B + E + I + J + M C) B D) E + I + J + M
Between 1870 and 1900, total land under cultivation
a. increased by roughly 25 percent b. increased by roughly 50 percent. c. more than doubled. d. increased fourfold.
A monopsonistic employer's marginal resource (labor) cost curve:
A. is always more elastic than the labor supply curve. B. coincides with the labor supply curve. C. lies below the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers. D. lies above the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers.