Travel by bus and pawn-shop services would be expected to be examples of:
a. normal goods. b. inferior goods.
c. substitute goods. d. complementary goods.
b
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What will be an ideal response?
Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.
Social demand is equal to
A. Tax revenue plus or minus externalities. B. Public demand plus or minus externalities. C. Market demand plus or minus externalities. D. Private goods plus or minus externalities.
Which of the following is most likely to shift the demand curve for electricity to the left?
A. consumers becoming more energy conscious. B. an increase in income. C. a decrease in the price of electricity. D. an increase in the price of natural gas, a substitute source of energy.