Clicker questions Lectures 7 _ 8

Clicker questions Lectures 7 _ 8 - we re-draw it...

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1 Econ 100A Prof. Reynolds A. C. B. D. The Cross Price Demand for our example looks like x 2 p 1 x 1 p 2 x 2 p 2 x 2 p 1 Hats Income This graph implies that hats are: C. A Luxury Good B. An Inferior Good A. C. B. D. If leisure is a luxury good, the labor supply curve might look like…if we ignore the substitution effect. l w l w l w l w A. C. B. D. The supply of financial capital, when
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Unformatted text preview: we re-draw it “normally,” looks like e 1-c 1 r e 1-c 1 r e 1-c 1 r e 1-c 1 r In our normal good example, the deadweight loss of a tax is ___ when we use the Marshallian demand curve as opposed to the compensated demand curve. A. Larger B. Smaller C. The same D. There is not enough information to tell E. There is a deadweight surplus...
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