If turnips are an example of an inferior good, then a decrease in the demand for turnips could be brought about by a(n):
A. Increase in consumer incomes
B. Decrease in consumer incomes
C. Increase in the price of turnips
D. Decrease in the price of some other product
A. Increase in consumer incomes
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The Law of Supply ensures that supply curves slope upward
Indicate whether the statement is true or false
Economies of large-scale production may exist in some forms of production, so larger markets associated with greater populations can lead to more efficiently sized production units
a. True b. False Indicate whether the statement is true or false
If an increase in the price of good X leads to an increase in the consumption of good Y, then goods X and Y are called:
A. substitutes. B. inferior goods. C. complements. D. normal goods.
Measures of student performance have not increased even though per-pupil government subsidies have increased because
A. parents and children value the last unit of educational services received more than the cost. B. there is a need for more funds to be spent. C. we have declining enrollment in public schools. D. parents and children value the last unit of educational services received less than the cost.