Refer to Figure 5.7. Which diagram best represents an income-consumption curve where soup is a normal good?
A. A
B. B
C. C
D. D
C. C
Economics
You might also like to view...
When a business is set up as a sole proprietorship, the owner of the business faces limited liability
Indicate whether the statement is true or false
Economics
If ______ equilibrium output _______, the price level rises.
a) actual; is below potential GDP b) potential; is equal to actual GDP c) potential; exceeds actual GDP d) actual; exceeds potential GDP
Economics
Which of the following will increase labor? productivity?
What will be an ideal response?
Economics
A surplus exists when there is excess demand in a market.
Answer the following statement true (T) or false (F)
Economics