Author Question: A normal good is one A) with a downward sloping demand curve. B) for which demand increases when ... (Read 115 times)

Lisaclaire

  • Hero Member
  • *****
  • Posts: 569
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

  • Sr. Member
  • ****
  • Posts: 369
Answer to Question 1

C

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

For a complete list of videos, visit our video library