Which of the following causes an increase in demand for a normal good?

A) increase in the price of a substitute
B) increase in the price of a complement
C) decrease in price
D) decrease in income


A

Economics

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One of the defining characteristics of a perfectly competitive market is what type of product ?

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Which of these contributes to the existence of monopoly power?

a. a continuously decreasing long-run average cost curve b. possession of a patent c. control over essential output d. All of the above are correct.

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Financial intermediaries change the mix of output by transferring financial capital from savers to dissavers (borrowers).

Answer the following statement true (T) or false (F)

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Jones can brew 10 gallons of lager or 5 gallons of stout every three months, or any linear combination in between. Which statement below is true?

A) It costs Jones 5 gallons of stout for every 10 gallons of lager brewed. B) It costs Jones 1 gallon of stout for every 2 gallons of lager brewed. C) It costs Jones 1/2 gallon of stout for every 1 gallon of lager brewed. D) All of the above are true.

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