If the price of pork rinds falls, the substitution effect due to the price change will cause
A) an increase in the quantity of pork rinds demanded.
B) a decrease in the quantity of pork rinds demanded.
C) an increase in the demand for pork rinds.
D) an increase in the demand for corn chips, a substitute for pork rinds.
A
Economics
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The above table shows some cost data for Tracey's Tents. What is the average total cost when output is 3?
A) $120 B) $30 C) $40 D) $50
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The demand for capital is similar to the demand for labor in that
A) both are inelastic at high prices and elastic at low prices. B) both are derived demands. C) the marginal product of labor is derived from the marginal product of capital. D) the marginal revenue product curve for labor is the same as the marginal revenue product curve for capital.
Economics