Author Question: A normal good is one for which A) demand increases as income increases. B) demand increases as ... (Read 169 times)

abc · **on:** Jun 29, 2018

A normal good is one for which

A) demand increases as income increases.
B) demand increases as income decreases.
C) the demand curve is horizontal.
D) demand increases as the price of a substitute increases.

Question 2

Efficiency can correctly be defined as

A) producing outside the production possibilities boundary.
B) minimizing opportunity cost.
C) producing the maximum output with given technology and resources.
D) providing for the immediate needs of the greatest proportion of the population.