Landon demands more sushi as his income increases. From this we can conclude that, for Landon
A) sushi is a normal good. B) sushi is a substitute good.
C) sushi is a complementary good. D) sushi is an inferior good.
A
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In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
Graphically which of the following is true for a monopoly?
a. The marginal revenue curve lies below the demand curve and is steeper than the demand curve. b. The marginal revenue curve lies above the demand curve and is steeper than the demand curve. c. The marginal revenue curve lies below the demand curve and is flatter than the demand curve. d. The marginal revenue curve lies above the demand curve and is flatter than the demand curve.
A constant-cost industry is one in which
A. output increases lead to productivity gains. B. there is no change in long-run per-unit costs, even as output varies. C. each firm has a horizontal long-run average cost curve. D. the marginal product of labor is constant.
Use the above figure. The total revenue earned by this monopolistically competitive firm is
A. $480. B. $2,560. C. $1,600. D. $1,900.