Is it possible for a normal good to be a Giffen good? Briefly explain
No, only inferior goods can be Giffen goods.
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According to the Application, Singapore requires workers who are under 50 years of age to save ________ percent of their earnings, with employers contributing another ________ percent
A) 50; 30 B) 20; 15.5 C) 10; 10 D) 40; 20
________ decreases aggregate supply
A) A rise in the money wage rate B) An increase in potential GDP C) A fall in the money wage rate D) An increase the quantity of capital E) A rise in the price level
"The Clayton Act repealed the Sherman Act so that only the Clayton Act remains in force." Is the previous statement correct or incorrect?
What will be an ideal response?
The price of soybeans is $17 a bushel. To maximize profits, a competitive firm selling soybeans must
a. produce soybeans up to the point at which average variable cost equals $17. b. adjust production until the marginal cost of soybeans is $17. c. produce all the soybeans it can. d. produce soybeans up to the point at which fixed costs are minimized and variable costs are increasing.