An Engel curve
A. always slopes down for an inferior good.
B. may slope up or down for a normal good.
C. does not relate to the normal or inferior good concepts.
D. always slopes up for an inferior good.
Answer: A
Economics
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External economies of scale arise when the cost per unit
A) falls as the industry grows larger and rises as the average firm grows larger. B) rises as the industry grows larger and falls as the average firm grows larger. C) falls as the industry and the average firm grows larger. D) remains constant over a broad range of output. E) rises as the industry and the average firm grows larger.
Economics
What makes the demand curve of the perfectly competitive firm uniquely different from that of firms in other kinds of market structures?
Economics