Pete consumes two goods, rice and fish. When the price of fish rises, he consumes less fish. When the price of rice rises, he consumes more rice. For Pete,
a. fish is not a Giffen good but rice is.
b. rice is not a Giffen good but fish is.
c. both fish and rice are normal goods.
d. both fish and rice are Giffen goods.
a
Economics
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Which of the following is never true for a sales revenue maximizer with an upward-sloping supply curve?
a. MR = 0 b. MR = MC c. Economic profits are positive. d. P = MC
Economics
Suppose that consumers expect that the price of a product will increase in the future. The result is that:
A. the current demand for the product increases. B. the current demand for the product decreases. C. the current supply of the product increases. D. the current supply of the product decreases.
Economics