The income effect of a decrease in the price of legal services (a normal good) is a(n)
a. decrease in the demand for legal services
b. decrease in the quantity demanded of legal services
c. increase in the demand for legal services
d. increase in the quantity demanded of legal services
e. new demand curve because everything else is no longer constant
D
Economics
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The monopolistic competitive firm in short-run equilibrium may experience economic profits that are
A) always zero. B) greater than, equal to, or less than zero. C) always positive. D) always negative.
Economics
In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year ________.
Fill in the blank(s) with the appropriate word(s).
Economics