If a good is normal and income increases, then
A. the demand curve will shift to the right.
B. the supply curve will shift to the left.
C. the supply curve will shift to the right.
D. the demand curve will shift to the left.
Answer: A
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A constant-cost industry is one in which
A) output increases lead to productivity gains. B) the marginal product of labor is constant. C) there is no change in long-run per-unit costs, even as output varies. D) each firm has a horizontal long-run average cost curve.
According to Nobel laureate economist Ronald Coase, if a person lives near a neighborhood park and a storm uproots several trees around the neighborhood, people will naturally
A. pay for someone to work on their own private property and pitch in to help on the park. B. ignore the entire problem. C. work on the public park first. D. work to repair their own private damage first.