If the income elasticity of demand for a Miami Dolphins season ticket is 2.34, then are Dolphins season tickets a normal or an inferior good?
What will be an ideal response?
Because the income elasticity of demand is positive, Dolphins season tickets are a normal good.
Economics
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The catch of American lobster off the shores of New England is regulated using quotas. If the quota is set correctly, then at this quantity, the marginal social cost ________ the marginal social benefit
A) is less than B) is greater than C) is not comparable to D) equals
Economics
Profits earned by foreign firms or governments under a quota are called:
A. trade rents. B. trade costs. C. quota revenue. D. quota rents.
Economics