A normal good is defined as a good for which the demand curve
A) shifts leftward as income increases.
B) shifts rightward as income increases.
C) slopes downward to the right.
D) is perfectly price elastic.
B
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Unions tend to want import restrictions because
A) imports are usually of inferior quality. B) they can increase the wages for union workers by increasing the productivity of union workers when the workers aren't worried about foreign competition. C) the restrictions also reduce the number of immigrants that can enter the country and decrease the supply of nonunion labor. D) the restrictions decrease the demand for non-union made goods, increasing the demand for union made goods.
In a business cycle, a peak marks the end of an expansion and the beginning of a recession
a. True b. False Indicate whether the statement is true or false