If income elasticity for a good or service is ______, then we can say that the good or service is ______.

A. zero; inferior
B. negative; normal
C. positive; inferior
D. positive; normal

D. positive; normal

Economics

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Refer to the table above. Assume that the market for notebooks is in equilibrium. Which of the following is likely to happen if there is an increase in the school enrollment rate, other things remaining the same?

A) The equilibrium price and quantity remain unchanged. B) Both the equilibrium price and quantity of notebooks decrease. C) Both the equilibrium price and quantity of notebooks increase. D) The equilibrium price increases, but the equilibrium quantity of notebooks decreases.

Economics

Tobacco could not be grown in England. It could only be produced in the colonial South

Indicate whether the statement is true or false

Economics