Given the information in Scenario 4.3, erasers are:
A) a normal good.
B) an inferior good.
C) neither normal nor inferior.
D) complements.
E) necessities.
A
You might also like to view...
Consider the two graphs above. Suppose that final goods are assembled only when ordered and to satisfy the precise preferences of each consumer. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
An increase in supply results in a(n)
a. increase in demand b. decrease in equilibrium quantity and an increase in equilibrium price c. decrease in equilibrium quantity and a decrease in equilibrium price d. decrease in equilibrium price and an increase in equilibrium quantity e. unfavorable shift in tastes and preferences
Define the following terms and explain their importance to the study of economics
a. greenhouse gases b. externality c. emissions permits d. known reserves
The shape of the short run aggregate supply curve is generally believed to be
a) a decreasing function of the price level b) an increasing function of the interest rate c) an increasing function of the price level d) vertical e) backward-bending