The relatively low rate of inflation coupled with a low unemployment rate that occurred in the 1990s represented a "normal" economic situation

If steak is a normal good and its price rises:

A) the amount purchased may either increase or decrease depending on the relative importance of the income and substitution effects. B) both the income and substitution effects suggest that less will be purchased. C) the substitution effect suggests more will be purchased, but the income effect suggests less will be purchased. D) the income effect suggests more will be purchased, but the substitution effect suggests less will be purchased.

The market for fish is perfectly competitive. So, the price elasticity of demand for fish from a single fishing boat

A) is less than the elasticity of demand for fish overall. B) equals the elasticity of demand for fish overall. C) is greater than the elasticity of demand for fish overall. D) is sometimes greater than and sometimes less than the elasticity of demand for fish overall.