In the above figure, Brendan originally consumes at point A. If his income rises and both compact discs and haircuts are normal goods then he will begin consuming at a point such as

Price elasticity of demand measures the

A) slope of the demand curve. B) sensitivity of quantity demanded to changes in the price of substitute goods. C) sensitivity of price to changes in the quantity demanded of substitute goods. D) sensitivity of quantity demanded to changes in price.

During the antebellum period U.S. tariffs on imported cotton textiles:

a. increased profits for British textile producers. b. decreased the prices of cotton textiles in the U.S. c. were supported by the southern states. d. were harmful to U.S. textile producers and their employees. e. None of the above is correct