f hot dogs are an inferior good, an increase in income will result in
What will be an ideal response?
a decrease in the demand for hot dogs.
You might also like to view...
An explicit cost is defined as
A) a nonmonetary accounting cost. B) a cost that involves spending money. C) a nonmonetary opportunity cost. D) a cost that does not change as output changes.
If a company is producing at a level of output at which the long-run average-total-cost curve reaches a minimum, then the company:
a. is experiencing economies of scale. b. is operating at its minimum efficient scale. c. is experiencing increasing returns to scale. d. will shut down. e. is experiencing diseconomies of scale.
For market efficiency, MSC must be equated to MSB.
A. True B. False C. Uncertain
Money is useful because it serves as a
A. never wears out. B. good memorial to national leaders. C. stimulus to the printing industry. D. medium of exchange.