Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase.
b. Price and quantity will stay the same.
c. Price will decrease, and quantity will increase.
d. Price will increase, and quantity will decrease.
e. Price will decrease, and quantity will decrease.
e
Economics
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An increase in income results in an outward shift of an indifference curve
Indicate whether the statement is true or false
Economics
For a construction company that builds houses, which of the following costs would be a fixed cost?
a. the $20 per hour wage paid to a construction foreman b. the $30,000 per year salary paid to the company's bookkeeper c. the $2 per worker-hour paid to the state government for workers' compensation insurance d. All of the above are correct.
Economics