A normal good is one
A) with a downward sloping demand curve.
B) for which demand increases when the price of a substitute rises.
C) for which demand increases when income increases.
D) none of the above
Question 2
Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A 6, Firm B 7, Firm C 10, and Firm D 12.
If the market price is 11 then the market supply for this good will be A) 3 units.
B) 4 units.
C) 1 unit.
D) 2 units.
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