If the price of a good increases, the substitution effect will:
A. Always tend to make the quantity decrease, while the income effect could go either way
B. Always tend to make the quantity increase, while the income effect could go either way
C. Go either way, but the income effect will always make the quantity increase
D. Go either way, but the income effect will always make the quantity decrease
A. Always tend to make the quantity decrease, while the income effect could go either way
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Which of the following is likely to occur when it is known that a two-person game is to be played only once?
a. Collusion b. The demand curve becomes perfectly inelastic for this time period c. The prisoner's dilemma d. The pursuit of profit maximization for the entire industry e. An attempt to equate marginal revenue with marginal cost
The overuse of a common resource is also referred to as the free rider problem
a. True b. False Indicate whether the statement is true or false
Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York, Hawaii, and Alaska b. South Carolina, North Carolina, and Mississippi c. Arkansas, North Carolina, and Texas d. California, Florida, and Georgia
"Market power" is an expression used to indicate that a firm has
a. no rivals. b. the power to sell a given output at whatever price it chooses. c. some freedom from the rigors of intense competition. d. a monopoly over the product it produces.