Engel's law states that income elasticities are
a. negative for normal goods
b. positive for inferior goods
c. higher for food in industrialized nations than in nonindustrialized nations
d. less than one for food
e. usually about equal to one
D
Economics
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The figure above shows the costs and demand curves for the Bigshow Cable Company. If the regulator of Bigshow Cable Company set its price at $4, the company would
A) receive a producer surplus equal to $18 million. B) make zero economic profit. C) incur an economic loss of $7 million. D) none of the above.
Economics
Models that analyze how labor unions attempt to raise wage rates include the following, except:
A. Demand-enhancement model B. Exclusive union model C. Industrial union model D. Credit union model
Economics