Kelly graduates and her income increases by $25,000 a year. Other things remaining the same, she increases the quantity of clothes she buys. For Kelly, clothes are ________
A) an inferior good
B) a normal good
C) a substitute good
D) a complement good
B
Economics
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An economy's production function is Y = A , and the economy's total output in equilibrium is $700 billion. Total labor income in this economy is ________
A) $300 billion B) $233.3 billion C) $210 billion D) $400 billion E) none of the above
Economics
In the problem of double marginalization, the resulting price is ______than if the manufacturer and the retailer were to merge
a. Higher b. Lower c. The same d. None of the above
Economics
Households buy in the resource market and sell in the product market
Indicate whether the statement is true or false
Economics
A quantity restriction leads to a price ________ the equilibrium price.
A. at B. above C. below D. Either at or above is correct.
Economics