Assume foreign beer is a normal good. If the incomes of demanders decreases,
A) the demand for foreign beer will increase.
B) the quantity supplied of foreign beer will increase.
C) the market output of foreign beer will increase.
D) all of the above will occur.
E) none of the above will occur.
E
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The production of steel in a factory generates a negative externality. A per-unit tax on the factory that equals ________ of steel production will internalize the externality entirely
A) the marginal private cost B) the marginal social cost C) the marginal external cost D) the marginal external benefit
A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost
Indicate whether the statement is true or false
Which of the following is not a function of money
(a) A unit of account. (b) A standard of deferred payment. (c) A unit of exchange. (d) A store of value.
In the late 1990s, the Asian crisis reduced the demand for U.S. farm products, which weakened farm prices.
Answer the following statement true (T) or false (F)