Which of the following would cause movement downward along the demand curve for a normal good, leading to an increase in quantity demanded?
a. A decrease in the price of a substitute good
b. An increase in the price of a complementary good
c. A decline in the price of the good
d. Consumer expectations that the good will become more expensive in the near future
c
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Robert Fulton is most recognized for
a. inventing of the cotton gin. b. building the first steamboat. c. being one of the primary advocates of the abolition movement. d. developing the technology to power railroad engines.
From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that the:
A. Marginal cost of more insurance coverage is negative B. Marginal benefit of more insurance coverage is greater than zero C. Marginal benefit of more insurance coverage is greater than the marginal cost D. Marginal cost of more insurance coverage is equal to the payment for the extra coverage