The income effect of a price change is:
A. always consistent with the Law of Demand.
B. never consistent with the Law of Demand.
C. consistent with the Law of Demand only for normal goods.
D. consistent with the Law of Demand only for inferior goods.
C. consistent with the Law of Demand only for normal goods.
You might also like to view...
Productive efficiency refers to
A. setting TR = TC. B. maximizing profits by producing where MR = MC. C. cost minimization, where P = minimum ATC. D. production at a level where P = MC.
If the total cost of producing one unit of the output is $100 and the marginal cost of that unit is $20, the average fixed cost of producing two units of output is ________
Fill in the blank(s) with correct word
The supply curve shows the relationship between the
A) cost of production and the price of the product. B) cost of resources and cost of production. C) price of the product and quantity supplied. D) quantity demanded and the quantity supplied.
Which of the following limits the price a monopolist charges?
a. patents b. copyrights c. competition from other firms d. market demand e. market supply