Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household income was 30,000. This year, his household income fell to 20,000 and Sefton purchased 80 pounds of potatoes.
All else constant, Sefton's income elasticity of demand for potatoes is
A) positive, so Sefton considers potatoes to be a normal good and a necessity.
B) positive, so Sefton considers potatoes to be an inferior good.
C) negative, so Sefton considers potatoes to be an inferior good.
D) negative, so Sefton considers potatoes to be a normal good.
Question 2
When a competitive equilibrium is achieved in a market
A) the total net benefit to society is maximized.
B) the total benefits to consumers are equal to the total benefits to producers.
C) economic surplus equals the deadweight loss.
D) all individuals are better off than they would be if a price ceiling or price floor was imposed by government.
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