As a group, U.S. consumers view hamburger as a normal good at low income levels and as an inferior good at high income levels. Based on this information, which of the following statements is NOT true?
A) As income for all consumers rises, the hamburger demand curves of low-income consumers shift rightward, and the demand curves of high-income consumers shift leftward.
B) The aggregate demand curve for hamburger in the U.S. is upward sloping at low prices.
C) The Engel curve for hamburger consumed in the U.S. is upward sloping at low income levels and downward sloping at high income levels.
D) The income-consumption curve for hamburger and all other food products cannot be a straight line.
Question 2
Because of the kind of externalities that tend to be generated from general R&D resources bought by firms, the equilibrium price of R&D
A) is above the optimal level, and quantity is below the optimal level.
B) is below the optimal level, and quantity is above the optimal level.
C) and quantity of R&D are both above the optimal level.
D) and quantity of R&D are both below the optimal level.
E) must fall in order for the market to reach equilibrium.
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