Explain the difference between a normal good and an inferior good
What will be an ideal response?
A normal good is something for which the demand increases when income rises and the demand decreases when income falls. An inferior good is something for which the demand decreases when income rises and the demand increases when income falls.
Economics
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Property taxes are a major source of revenue for
A) state and local governments. B) the federal governments. C) the federal, state, and local governments. D) firms wanting to relocate their operations. E) consumers.
Economics
The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, how many students are enrolled in college?
A) 12 million B) 20 million C) 16 million D) 24 million
Economics