If the income elasticity of demand for a good is negative, then the good must be an inferior good
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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For a factor of production to be called capital it must:
A) be produced. B) occur in the natural environment. C) be a part of human skill. D) be a result of a stock issue.
Economics
The four largest firms in an industry account for the following value of industry sales: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
Economics