The figure above shows the market for coffee. Coffee is a normal good. If consumers' incomes fall, the efficient quantity of coffee will ________ and the producer surplus will ________
A) increase; increase
B) increase; decrease
C) decrease; decrease
D) decrease; increase
C
Economics
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The measure of production that values production using current prices is called
A) nominal GDP. B) value-added GDP. C) real GDP. D) underground GDP.
Economics
If all large firms in the economy were broken into smaller firms, the result might be
a. decreased manufacturing efficiency in some industries. b. increased prices for some manufactured goods. c. decreased investment in research and development in some industries. d. All of the above are correct.
Economics