An increase in consumer income will shift both the supply and demand curves.
Answer the following statement true (T) or false (F)
False
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Which of the following is not considered part of government spending?
A) a military jet purchased by the federal government B) a nature preserve purchased by a state government C) social security payments to retirees D) teachers' salaries paid by a local government
Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive
a. True b. False
The demand for good X has been estimated to be ln Qxd = 100 - 2.5 ln PX + 4 ln PY + ln M. The own price elasticity of good X is
A. -2.5 B. 4.0 C. -2.5 percent D. 4.0 percent
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.