For a normal good, such as steak,
a. quantity demanded increases as its price falls.
b. the income and substitution effects work in opposite directions
c. the income effect is negative
d. the income effect reinforces the substitution effect
e. the supply curve is vertical
D
Economics
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
Economics
Which of the following will cause slower growth in labor productivity?
A) decreased growth in physical capital B) decreased growth in human capital such as education and training C) decreased growth in government-financed infrastructure such as highways and airports D) A and C E) all of the above
Economics