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Author Question: A normal good is one A) with a downward sloping demand curve. B) for which demand increases when ... (Read 93 times)

Lisaclaire

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on: Jun 29, 2018
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.


karmakat49

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

C

Answer to Question 2

A


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