midterm10.docx - If an increase in income leads to a decrease in the demand for a good the good is a(n o Substitute good o Complementary good o Inferior

midterm10.docx - If an increase in income leads to a...

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If an increase in income leads to a decrease in the demand for a good, the good is a(n) o Substitute good o Complementary good o Inferior good o Normal good o Superior good Suppose that the local slaughterhouse gives off an unpleasant stench. The price of meat would then be ___________ because not all of the ____________ are accounted for in the market place. o Too high; benefits o Too low; benefits o Too high; costs o Too low; costs o An equilibrium; costs Which of the following is not a characteristic of government rent controls? o Equitable distribution of apartments o Excess demand for apartments o Fewer newly built apartment buildings o Deteriorating quality of existing apartment buildings o Very low vacancy rates As the price of flour (an input into the cookie production process) increases, firms that produce cookies will o Increase the supply of cookies o Increase the quantity of cookies supplied o Decrease the supply of cookies o Decrease the quantity of cookies supplied o Leave their production unchanged
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  • Fall '16
  • janu

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