If good A is an inferior good, an increase in income leads to: B
2. a decrease in the demand for good B.
a decrease in the demand for good A.
an increase in the demand for good
no change in the quantity demanded
of good A.
Total product begins to fall when:
2. Marginal product is
Average product is below
Average product is
Marginal product is
A production function:
2. defines the minimum amount of output
What contributes to the existence of multiproduct firms? D
2. Economies of scale
Economies of scope
Economies of scope and cost
In the long run, monopolistically competitive firms:
QUESTION 1 A
We would expect the demand for jeans to be:
2. more elastic than the demand for clothing
less elastic than the demand for clothing
the same as the demand for clothing
neither more elastic, less elastic, nor the same elasticity as th