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Author Question: Refer to Figure 4.2. The income effect on the quantity of clothing purchased is: A) the change ... (Read 18 times)

AEWBW

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  • Posts: 579
on: Jul 1, 2018
Refer to Figure 4.2. The income effect on the quantity of clothing purchased is:
 
  A) the change from C1 to C3.
  B) the change from C1 to C2.
  C) the change from C2 to C3.
  D) the change from C3 to C2.
  E) none of the above

Question 2

Under an infinitely inelastic supply of land, the economic rents to land ________ if the price of land doubles.
 
  A) increase by less than 100
  B) double
  C) increase by more than 100
  D) none of the above


smrtceo

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

B


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