A Giffen good has
A) a positive substitution effect.
B) a negative income effect.
C) a larger income effect than substitution effect.
D) All of the above.
D
You might also like to view...
Unless there are deaths or resignations, a two-term U.S. President can appoint up to
A) twelve members of the Federal Reserve Board of Governors. B) eight members of the Federal Reserve Board of Governors. C) four members of the Federal Reserve Board of Governors. D) two members of the Federal Reserve Board of Governors.
Dina is driving to work on an interstate highway at 90 MPH, well in excess of the legal speed of 65 MPH. Sandy is also driving to work at the same time, going 85 MPH. A state trooper pulls Dina over and gives her a speeding ticket. Sandy continues driving, but if Dina had not been speeding, the trooper would have ticketed Sandy instead. In terms of externalities, this story shows that:
a. Sandy's actions gave Dina a positive externality. b. Dina's actions gave Sandy a positive externality. c. Sandy's actions gave Dina a negative externality. d. Dina's actions gave Sandy a negative externality. e. Dina's and Sandy's actions did not create any externalities.
What is the difference between the competitive level of employment and the union optimum level of employment in Figure 31.1?
A. Zero. B. 3 workers. C. 6 workers. D. 22 workers.
Refer to the following figure. What is the equation for marginal revenue?
A. MR = 4,000 - 0.005P B. MR = 20 - 200Q C. MR = 4,000 - 200Q D. MR = 20 - 0.01Q E. MR = 4,000 - 200P