A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:
a. A substitute good
b. A complementary good
c. An inferior good
d. A normal good
Answer: A normal good
Economics
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Explain why a monopolist has no supply curve
What will be an ideal response?
Economics
Which of the following would be studied by macroeconomists?
A. Inflation in developing countries. B. The effect of government subsidies on sugar prices. C. The impact of the minimum wage on families below the poverty level. D. The effect of rent controls on housing prices in New York City.
Economics