The final consumer demand for chicken (a normal good) in China will shift if:
a. Consumer income decreases
b. If fewer consumers are present in the market
c. If the price of pork decreases
d. All of the above
e. If either a or b occurs, but not c
d. All of the above
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Refer to Figure 4-15. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $20. B) $22. C) $27. D) $32.
Which of the following is NOT one of the components of aggregate demand?
What will be an ideal response?
Refer to Table 8.2. Assume that Sherry's Earrings is producing in a perfectly competitive market and the market price for earrings is $60. To maximize profits Sherry should produce __________ pairs of earrings. A) two B) three C) four D) five
Assume Congress decides that Social Security taxes must increase in order to fund the system. This would
A) shift up the marginal cost curve for any firms that hire labor. B) guarantee a decrease in profits. C) shift up the average fixed cost curve for any firms that hire labor. D) guarantee an increase in tax revenues.