If tofu is a normal good, an increase in income will
a. decrease the price of tofu
b. decrease the production of tofu
c. shift the demand curve for tofu to the left
d. shift the demand curve for tofu to the right
e. decrease the quantity demanded of tofu
D
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The accumulated training and education that you have is
A) physical capital. B) entrepreneurship. C) economic goods. D) human capital.
In the Keynesian aggregate expenditures model, "aggregate expenditures" refer to:
A. the amount of GDP that could be produced if unemployment were zero. B. the combined expenditures of consumers, businesses, governments, and foreigners (net exports). C. the amount of demand for consumer goods that would arise if all citizens had all the income they wanted. D. consumer spending measured in constant prices.
Firms in a trust:
A. act as a single firm. B. act in their own self-interests. C. trust each other. D. do not allow a small number of trustees to make decisions for participating firms.
If a perfectly competitive firm has economic profits greater than zero, then we know that
A) the firm's industry is not in long-run equilibrium. B) the firm's industry is in long-run equilibrium. C) the firm is producing at the bottom of the average total cost curve. D) the firm will reduce output.