For a normal good, an expected increase in income would:
a. shift demand to the right
b. shift demand to the left.
c. increase the slope of the demand curve.
d. decrease the slope of the demand curve.
a
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Which of the following would likely cause an increase in the supply of single-serve coffee makers?
A) a decrease in the number of consumers demanding single-serve coffee makers B) an increase in the price of single-serve coffee makers C) a decrease in the cost of manufacturing single-serve coffee makers D) a widespread expectation that the price of single-serve coffee makers will rise in the future
Why is it impossible to make everyone better off in the long run by imposing import restrictions?
What will be an ideal response?
Monopolistically competitive firms are similar to perfectly competitive firms in the sense that both face horizontal demand curves for their product
a. True b. False
Any point inside the production possibilities curve indicates:
A. the presence of technological change. B. that resources are imperfectly substitutable among alternative uses. C. the presence of inflationary pressures. D. that more output could be produced with the available resources.