When disposable income is 3500, how much is induced consumption?
1,200
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A firm's total cost (TC) equals the sum of its fixed cost plus its
A) marginal cost. B) variable cost. C) variable cost plus its marginal cost. D) sunk cost plus its variable cost plus its marginal cost.
For a normal good, if incomes rise, we would expect that the equilibrium price will increase and that the equilibrium quantity will increase
a. True b. False Indicate whether the statement is true or false
According to the text, a military draft is most likely to have which of the following effects on the market for fish? It will
a. increase the supply b. increase the demand c. decrease the supply d. decrease the demand e. lower the price
When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Real GDP is falling. B) Incomes are growing at a slower rate than the population. C) Real GDP per capita is rising. D) Living standards are falling.