By definition, an inferior good is a
A) want that is not expressed by demand.
B) normal substitute good.
C) good for which demand decreases when its price rises.
D) good for which demand decreases when income increases.
D
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Firms faced with prisoners' dilemma can always make more profits by engaging in opportunistic behavior. Why is this type of behavior NOT commonly found even in oligopolistic markets?
What will be an ideal response?
One of the effects of a change in disposable income could not be a(n)
a. movement up along the consumption function. b. movement down along the consumption function. c. change in the amount of consumption expenditures. d. upward shift of the consumption function.
How many countries are in the Euro area?
A) 19 B) 27 C) 21 D) 11
Equilibrium is the condition that exists
A. when the demand curve intersects the quantity axis. B. when quantity demanded equals quantity supplied. C. whenever there is no government intervention in the market. D. when the demand curve intersects the price axis.