Which of the following statements represents a correct and sequentially accurate economic explanation?
A) Good X is an inferior good and good Y is a substitute for X. Income rises, the demand for X falls, the price of X falls, and the demand for Y rises.
B) Good X is an inferior good and good Y is a substitute for X. Income rises, the demand for X falls, the price of X falls, and the demand for Y falls.
C) Good X is an inferior good and good Y is a substitute for X. Income falls, the demand for X rises, the price of X rises, and the demand for Y falls.
D) Good X is an inferior good and good Y is a substitute for X. Income rises, the quantity demanded of X rises, the price of X rises, and the demand for Y falls.
E) none of the above
B
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Which of the following is LEAST likely to be able to regularly engage in price discrimination?
A) a farmer B) an airline C) a university D) a producer of copyrighted computer software
Opportunity costs exist for
a. households but not businesses or governments. b. businesses but not households or governments. c. businesses and households but not governments. d. households, businesses, and governments.