Suppose good X has a negative income elasticity of demand. This implies that good X is
a. a normal good.
b. a necessity.
c. an inferior good.
d. a luxury.
c
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Specific business practices such as price discrimination are prohibited by the:
A. Clayton Act of 1914. B. Sherman Act of 1890. C. Federal Trade Commission Act of 1914.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
A price support on agricultural products is a minimum domestic price set by the government. The government outlaws transactions below the price support, but usually has no commitment to buy any amounts that farmers cannot sell at this price.
Answer the following statement true (T) or false (F)
In the above table, what is the marginal factor cost of the 2nd worker?
A. $14 B. $24 C. $12 D. $64