If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are
A. an inferior good.
B. an income complement.
C. a normal good.
D. an income substitute.
Answer: C
You might also like to view...
An isoquant shows
A) the combinations of two inputs that yield the same total product. B) the combinations of two inputs that cost the same total quantity of money. C) the combinations of two goods that yield the same total satisfaction. D) the combination of two goods that cost the same amount of money.
Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for $3 each, or it can sell 140 units for $2 each. Which of the following is true?
a. The monopolist is facing elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
Exhibit 9-6 Keynesian aggregate expenditure model when the MPC is 2/3
?
The economy shown in Exhibit 9-6 has a recessionary gap of:
A. $1 trillion. B. $2 trillion. C. $3 trillion. D. $5 trillion.
Recall the Application about how the price of CO2 permits in the European Union is determined to answer the following question(s).Recall the Application. Which of the following factors has caused the decline in the price of CO2 allowances in the EU in 2011?
A. Industrial output increased. B. The number of renewable energy sources increased. C. The number of energy efficient appliances increased. D. All of these are correct.