_________________ —a term describing a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls.
a. Complement good
b. Inferior good
c. Normal good
d. Superior good
c. Normal good
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Refer to the figure above. Calculate the revenue earned by the government when it imposes a tariff of $1 on chairs
A) $10 B) $20 C) $30 D) $40
Comment on the following statement: "When firms are earning positive profits, the industry supply curve will shift to the right."
What will be an ideal response?
When a firm increased its output by one unit, its AC decreased. This implies that
A) MC < AC. B) MC = AC. C) MC < AFC. D) the law of diminishing returns has not yet taken effect.
In international trade, dumping refers to
a. producing a lower quality good for export than what is produced for domestic consumption b. selling an export at a higher price than its price to domestic consumers c. selling an export at a price below its cost of production d. producing a lower quality good for domestic consumption than for export e. paying workers below subsistence wages