Author Question: If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the ... (Read 55 times)

codyclark · **on:** Jun 29, 2018

If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are

A) a normal good.
B) an inferior good.
C) an income complement.
D) an income substitute.

Question 2

Markets tend to underallocate resources to the production of a good when

A) there are negative externalities.
B) there are positive externalities.
C) there are public goods produced.
D) equilibrium occurs.