When L.L. Bean decides to increase its prices due to general inflation, they must reprint the millions of catalogs they produce and distribute. The costs associated with doing so in response to inflation are called:

The Wall Street Journal reports that "hard times aid poultry companies as people eat cheaper fowl." In the language of economists, this means

a. chicken is an inferior good. b. chicken has a negative substitution effect. c. chicken has a positive substitution effect. d. people's tastes change during recessions. e. chicken has a positive income effect.

In January, buyers of gold expect that the price of gold will fall in February. What happens in the gold market in January, holding everything else constant?

A) The demand curve shifts to the right. B) The quantity demanded increases. C) The quantity demanded decreases. D) The demand curve shifts to the left.