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Unformatted text preview: raise. Then, you can conclude that, for Donnie, shirts are: a) An inferior good; b) A substitute good; c) A normal good; d) A complement; Answer: c) Note that the increase in income made e demand curve shift to the right, which reflects 3) Which of the following best represents a quantity demanded of pies? a) $5 per pie; b) 6 pies; c) 2 pies per week at $5 each; d) 8 pies per month. the demand curve shift to the right, which reflects an increase in demand. The good must then be normal. Answer: c). P.85 Textbook, definition of quantity demanded: “the amount of any good, service, or resource that people are willing to buy during a specified period at a specified price....
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This note was uploaded on 03/24/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.
- Spring '07