_________________ —a term describing a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls.
a. Complement good
b. Inferior good
c. Normal good
d. Superior good
c. Normal good
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Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be the same as it would have been had the government not redistributed income (so long as redistribution does not produce deadweight losses).
Answer the following statement true (T) or false (F)
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
An increase in the demand for a product will shift the demand curve for labor producing the product to the left
a. True b. False Indicate whether the statement is true or false
The Consumer Price Index excludes all of the following, except one. Which one is included in the CPI?
a. Services purchased directly by consumers b. Raw materials c. Services purchased by the government d. Machinery purchased by firms e. Intermediate goods purchased by firms