Individual decision making by consumers and producers is the focus of

If the income elasticity of demand for a good is negative, then the good must be an inferior good

a. True b. False Indicate whether the statement is true or false

The basic organizing framework for both microeconomic and macroeconomic models is

A. purely competitive markets. B. government planning of the economy. C. demand and supply. D. democratic socialism. E. All of these responses are correct.