If watermelons are normal goods, the demand for them will rise as the income of consumers rises
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
A downward-sloping demand curve is faced by firms:
a. under perfect competition. b. under perfect competition and monopoly. c. in all market structures except monopoly. d. in all market structures except monopolistic competition. e. in all market structures except perfect competition.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost B. variable cost C. opportunity cost D. total cost
Refer to the following figure. The price of capital is $50 per unit:
What is the minimum cost of producing 1,200 units of output?
A. $7,000 B. $8,000 C. $9,000 D. $10,000 E. $11,000
Which of the following would be an asset to a bank?
A. Cash in the vault B. A loan to a university student C. A government security D. All of these responses are correct.