A good for which demand decreases when income increases is known as a(n) ________ good

The long-run supply curve under pure competition will be:

A. Downward-sloping in a decreasing-cost industry and upward-sloping in an increasing-cost industry B. Horizontal in a constant-cost industry and downward-sloping in an increasing-cost industry C. Vertical in a constant-cost industry and upward-sloping in a decreasing-cost industry D. Upward-sloping in an increasing-cost industry and vertical in a constant-cost industry

If the price of a good increases, then in the market for the type of labor needed to produce this good:

A. Employment will decrease B. The labor supply will increase C. The marginal product (MP) of labor will increase D. The marginal revenue product (MRP) of labor will increase