Which of the following will NOT lead to a decrease in demand for a normal good?
A) an increase in income
B) an increase in the price of an input
C) a decrease in the price of a complement good
D) an increase in the number of consumers
B
Economics
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The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is
A) $180. B) $190. C) $20. D) None of the above answers is correct.
Economics
The diamond-water paradox is an example that shows that
A) necessities like water should have a higher price. B) marginal utility rather than total utility determines what people are willing to pay for a good. C) there are exceptions to the law of diminishing marginal utility. D) marginal utility can initially increase and then decrease.
Economics