If a good is a normal good then
a. other things equal, no consumer will buy it
b. a rise in income or wealth will increase the amount of the good that consumers will purchase
c. a decline in income will increase the amount of it that consumers will purchase
d. abnormal goods are never substituted for it
e. normal consumers will always demand it
B
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Under the Bland-Allison Act of 1878,
(a) the U.S. Treasury committed to buying silver for coins at the current market price. (b) the U.S. Treasury committed to buying gold for coins at a set price. (c) the U.S. was placed on the gold standard. (d) the National Monetary Commission was created.
Which statement is true?
A. Going out of business is a short run option. B. Operating or shutting down are long run options. C. Going out of business or not going out of business are long run options.