If income increases or the price of a complement falls, the
A) demand curve for a normal good shifts leftward.
B) demand curve for a normal good shifts rightward.
C) supply curve of a normal good shifts leftward.
D) supply curve of a normal good shifts rightward.
B
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Markets may not work well due to
a. lack of factor mobility b. high degree of monopoly c. weak legal infrastructure d. government regulation e. all of the above
The decline in stock prices from 2000 through 2002
A) increased individuals' willingness to spend. B) had no effect on individual spending. C) reduced individuals' willingness to spend. D) increased individual wealth.
The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the second unit of the resource is
A. $54. B. $36. C. $18. D. $126.
Sonya lives in a country where most companies are free to produce and sell whatever they want. However, the government regulates prices for utilities and healthcare, and restricts unfair sales practices and manufacturing processes that harm the environment. Which type of economy does Sonya’s country have?
a. traditional b. command c. market d. mixed