When oranges increase in price, the income effect
A) decreases the consumption of oranges only if oranges are a normal good.
B) decreases the consumption of oranges only if oranges are an inferior good.
C) always increases the consumption of oranges.
D) always decreases the consumption of oranges.
Question 2
The LRAC curve
A) is the minimum points on all the short-run ATC curves.
B) shows the lowest possible marginal cost of producing the different levels of output.
C) shows the lowest attainable average total cost for all levels of output when all inputs can be varied.
D) generally lies above the short-run ATC curves.
Relative Energy Consumption per Person for Selected Countries
Demographic change and the effect on people social, and economic life
Greenhouse Effect
The Dose-Effect Relationship, Showing (A) Drug Potency and (B) Drug Efficacy (Or Effectiveness)
Effect of Phosphate Pollution
Position effect variegation of eye color in Drosophila