Higher education is a normal good. If its price falls,
a. the quantity of higher education demanded will fall
b. the substitution and income effects work in opposite directions
c. the income effect is negative
d. higher education will satisfy to the law of demand
e. real purchasing power will fall
D
You might also like to view...
An elimination heuristic makes the choice on the basis of all the categories in which the events differ
Indicate whether the statement is true or false
Refer to Variable Cost of Production. For what levels of output does the firm experience diminishing marginal returns?
The following questions refer to the following table which shows a firm's variable costs of production.
a. For all levels of output.
b. For the first, second, and third units of output.
c. Beyond the third unit of output.
d. For the fifth and all subsequent units of output.