Author Question: When oranges increase in price, the income effect A) decreases the consumption of oranges only if ... (Read 60 times)

Coya19@aol.com

  • Hero Member
  • *****
  • Posts: 601
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.



Yixagurpuldink

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

A

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

For a complete list of videos, visit our video library