In the above figure, as Brendan's income rises his consumption bundle moves from point A to point C. This implies that for Brendan, compact discs are ________ good and haircuts are ________ good
A) a normal; an inferior
B) a normal; a normal
C) an inferior; an inferior
D) an inferior; a normal
B
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Does the Invisible Hand Theorem remain true in the Prisoners' Dilemma game? Why or why not? What implication does this result have for cartels?
What will be an ideal response?
The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the equilibrium price per ton will be
A) $70. B) $80. C) $90. D) $100.
If Healthy Crunch contractually requires distributors who purchase Healthy Crunch's snack bars to also purchase Healthy Crunch's breakfast cereal, this is an example of ________.
A) a tying arrangement B) exclusive dealing C) territorial confinement D) a requirements contract
"Hicks' Third Law of Demand" states that "most" goods must be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.