Technology transfer comes only from nations importing new capital goods in the current account

Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget

A) a normal good; very small B) an inferior good; very small C) a normal good; very large D) an inferior good; very large

If a firm in a perfectly competitive industry lowers its price below the market price, its

A. total revenue will increase. B. profit will decrease. C. demand curve will become downward sloping. D. sales will drop to zero.