The demand for most products varies directly with changes in consumer incomes. Such products are known as:
A. inferior goods.
B. competitive goods.
C. complementary goods.
D. normal goods.
Answer: D
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In the above table, what is average product when 4 workers are employed?
A) 12 B) 10 C) 11.5 D) 9.5
Refer to Figure 2-9. What is the opportunity cost of producing 1 popsicle in Iceland?
A) 1 1/2 snow cones B) 3/4 of a snow cone C) 2/3 of a snow cone D) 270 snow cones
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $6.00; AVC = $4.00; MC = $3.50; MR = $3.50. The firm should
A) increase output. B) increase price. C) remain at the same position. D) shut down.
If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is
a. $98 b. $14 c. $7 d. $2 e. $21