Giffen goods
A) are theoretical and have never been discovered in the real world.
B) have not existed since prior to the Industrial Revolution.
C) were proven to exist in the 1890s by Sir Robert Giffen.
D) were not shown to actually exist until 2006.
Answer: D
Economics
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A market cannot be contestable if
a. very limited economies of scale exist b. substantial barriers to entry exist c. the market is perfectly competitive d. resources can be easily acquired by new firms e. products are indistinguishable
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As a general rule, when an income tax is added to the basic macroeconomic model, what happens to the consumption schedule?
a. It will shift downward. b. It will shift upward. c. It will become flatter. d. It will become steeper.
Economics