A good for which demand decreases when income increases is known as a(n) ________ good.
A. normal
B. inferior
C. complementary
D. substitute
Answer: B
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For the United States, Lorenz curves show that
A) income is more equally distributed than wealth. B) income is less equally distributed than wealth. C) incomes have increased over time. D) blacks and Hispanics became better off in the 1990s.
If the selling price of a firm's product is $200 and the estimated average cost of producing this product is $150, what is the firm's markup?
A) 75 percent B) 33.33 percent C) 25 percent D) impossible to determine with the information given
The marginal benefit of the pollution abatement curve
A) has a zero slope. B) has a positive slope. C) slopes upward. D) slopes downward.
If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is said to be experiencing
a. decreasing minimum efficient scale b. increasing returns to scale c. constant returns to scale d. decreasing returns to scale e. increasing long run average cost