Micro test3

Micro test3 - 1) Which of the above diagrams illustrate(s)...

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1) Which of the above diagrams illustrate(s) the effect of a decrease in incomes on the market for secondhand clothing? A only 2) Nonrivalry and nonexcludability are the main characteristics of: public goods 3) Which of the above diagrams illustrate(s) the effect of a decline in the price of irrigation equipment on the market for corn? C only 4) A recent study found that an increase in the Federal tax on beer (and thus an increase in the price of beer) would reduce the demand for marijuana. We can conclude that: beer and marijuana are complementary goods.+ 5) Which of the above diagrams illustrate(s) the effect of an increase in the price of
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This note was uploaded on 12/01/2011 for the course ECON 1023 taught by Professor Kent during the Spring '11 term at ASU.

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