If the demand for a good decreases as income decreases, then the good is a(n):
A. complementary good.
B. substitute good.
C. inferior good.
D. normal good.
Answer: D
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___________ is credited with introducing the water frame in American spinning mills
a. Samuel Slater b.Oliver Evans c. Robert Fulton d. Eli Whitney
Long-run elasticity of supply is defined as:
a. percentage change in quantity demanded in the long run divided by percentage change in price. b. percentage change in price divided by percentage change in quantity demanded in the long run. c. percentage change in quantity supplied in the long run divided by percentage change in price. d. percentage change in price divided by percentage change in quantity demanded in the long run.
A monopoly creates a deadweight loss to society because it earns both short-run and long-run positive economic profits
a. True b. False Indicate whether the statement is true or false
People who apply for loans know more about their ability to repay the loan than the lenders do. This is an example of:
A. asymmetric information. B. public information. C. a negative externality. D. a community rating.