When her income increased from $10,000 to $20,000 . Heather's consumption of macaroni decreased from 10 pounds to 5 pounds and her consumption of soy-burgers increased from 2 pounds to 4 pounds. We can conclude that for Heather, macaroni
a. and soy-burgers are both normal goods with income elasticities equal to 1.
b. is an inferior good and soy-burgers are normal goods; both have income elasticities of 1.
c. is an inferior good with an income elasticity of -1 and soy-burgers are normal goods with an income elasticity of 1.
d. and soy-burgers are both inferior goods with income elasticities equal to -1.
c
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A monopolistically competitive market can also be:
A. perfectly competitive market. B. a monopoly. C. an oligopoly. D. All of the above.
The United States has had:
A. high relative mobility in the last century, and lower absolute mobility. B. low absolute mobility in the last century, but higher relative mobility. C. high absolute mobility in the last century, and lower relative mobility. D. low relative mobility in the last century, and even lower absolute mobility.
The market economy is regarded as "efficient" in that:
A. It achieves the lowest rate of unemployment B. It leads to the lowest level of poverty in the society C. It directs resources towards products that the society wants most D. It puts the best people in government positions
The study of situations in which people make choices that do not appear to be economically rational
What will be an ideal response?