Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score?
What would happen to your average if it was below your previous exam score? Explain.
Your average would continue to rise. If you received a score on one examination that was lower than the previous exam score there wouldn't be any way to determine what would happen to your average unless you knew what this score was compared to your previous average, not your previous exam score.
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The incidence of sales tax is determined by the
A) level of government (for example, local, state, or federal) which imposes the tax. B) federal government in all cases. C) greed of the sellers. D) price elasticities of supply and demand.
Using the above figure, suppose that roses are a normal good. If there is an increase in income
A) the equilibrium price will rise above $25 per dozen roses. B) the equilibrium quantity will decrease below 10 dozen roses. C) we cannot predict what will happen to the equilibrium price. D) we cannot predict what will happen to the equilibrium quantity.