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Author Question: Refer to the figure above. What is the maximum possible social surplus? A) 100 B) 150 C) 225 ... (Read 118 times)

tuffie

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on: Jun 29, 2018
Refer to the figure above. What is the maximum possible social surplus?
 
  A) 100
  B) 150
  C) 225
  D) 375

Question 2

What is the difference between a normal good and an inferior good? Give an example of each.
 
  What will be an ideal response?


InfiniteSteez

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A good is a normal good if an increase in incomes leads to an increase in demand for a good. Most goods are normal goods. An example of a normal good is new clothes. A good is an inferior good if an increase in income leads to a decrease in demand for the good. Second-hand clothing that can be purchased at thrift stores is an inferior good.


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