« previous next »

Author Question: Refer to the figure above. What is the maximum possible social surplus? A) 100 B) 150 C) 225 ... (Read 116 times)

tuffie

  • Hero Member
  • *****
  • Posts: 534
on: Jun 29, 2018
Refer to the figure above. What is the maximum possible social surplus?
 
  A) 100
  B) 150
  C) 225
  D) 375

Question 2

What is the difference between a normal good and an inferior good? Give an example of each.
 
  What will be an ideal response?


InfiniteSteez

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A good is a normal good if an increase in incomes leads to an increase in demand for a good. Most goods are normal goods. An example of a normal good is new clothes. A good is an inferior good if an increase in income leads to a decrease in demand for the good. Second-hand clothing that can be purchased at thrift stores is an inferior good.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Most fungi that pathogenically affect humans live in soil. If a person is not healthy, has an open wound, or is immunocompromised, a fungal infection can be very aggressive.

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?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

How our participation in social groups shapes our self-concept is a focus of symbolic ... How our participation in social groups shapes our self-concept is a focus of symbolic ...
Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor
Social Development in Central Asia Social Development in Central Asia
Economic Analysis of Social Issues Plus MyEconLab Economic Analysis of Social Issues Plus MyEconLab
Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and
Figure 2.15.jpg Figure 2.15.jpg
Video: Cardiac conductile cells

For a complete list of videos, visit our video library