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Author Question: Many economists consider medical care a superior good. Which of the following statements is true ... (Read 93 times)

robinn137

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on: Jul 1, 2018
Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
 a. Consumers want more of a superior good regardless of its price.
  b. When the price of a superior good increases, consumers demand more of it.
  c. As consumer income increases a larger percentage of that income is spent on superior goods.
  d. A superior good has an income elasticity of demand greater than one.
  e. Both c and d are true of superior goods.

Question 2

Each of the following provides incentives to reduce a negative externality except:
 a. merger with affected firms.
  b. subsidizing consumption of the good being produced.
  c. bargaining among firms.
  d. taxation of the externality.


bookworm410

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

E

Answer to Question 2

b


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