A business that is jointly owned by two or more people is called a:

When economists refer to capital, they might mean

a. money b. human skills used in production c. stocks d. bonds e. bank loans

Figure 5-15

Hal initially consumes the combination marked as A in Figure 5-15. After his income increases, Hal consumes combination B. We can conclude that Hal views

a.
X as an inferior good and Y as a noninferior good.

b.
X as a noninferior good and Y as an inferior good.

c.
both X and Y as noninferior goods.

d.
both X and Y as inferior goods.