Based Figure 4.2, clothing is:
A) a normal good.
B) an inferior good, but not a Giffen good.
C) a Giffen good.
D) none of the above
A
Economics
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In a second-price auction, the winner pays
A) the second-to-last bid it made. B) the average of the top two bids. C) the amount bid by the runner-up. D) None of the above.
Economics
In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to
A) Q1 + Q2. B) Q1 + Q3. C) Q2 + Q4. D) Q4 - Q2.
Economics