(Refer to the figure provided in the text.) For the share of income spent on food to remain constant as income rises, the Engel curve must
a. lie above the 45-degree line.
b. lie below the 45-degree line.
c. be equal to the 45-degree line.
d. bisect the 45-degree line.
c. be equal to the 45-degree line.
Economics
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The cost of producing one more unit of a good or service is equal to its
A) marginal benefit. B) producer surplus. C) marginal expenditure. D) consumer surplus. E) marginal cost.
Economics
Many college football teams require a "donation" in order to purchase season tickets. This is an example of
A) price gouging. B) tie-in sale. C) two-part pricing. D) anti-competitive behavior.
Economics