In the case of a normal good, an increase in consumers' incomes would shift the
a. demand curve inward
b. supply curve inward
c. supply curve outward
d. supply and demand curves inward
e. demand curve outward
E
You might also like to view...
Since 1970, U.S. union membership has
a. increased as a percentage of the labor force. b. declined as a percentage of the labor force. c. remained stable as a percentage of the labor force. d. become more restrictive.
Economists agree that the cause of the slow economic growth during the 1970s was the tight monetary policy.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 32.1 below to answer the question(s) that follow.
Figure 32.1Refer to Figure 32.1. If the economy is at a point such as C on the Laffer curve, a(n) ________ in tax rates will ________ tax revenue.
A. decrease; decrease B. decrease; increase C. increase; increase D. change; not change
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.
A. 12,000; $.40 B. 16,000; $.35 C. 12,000; $.25 D. 14,000; $.30