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3
nsumers' incomes rise?
a. the equilibrium price would decrease, and the equilibrium quantity would increase.
b. both the equilibrium price and quantity would increase.
c. both the equilibrium price and quantity would decrease.
d. the equilibrium price would increase, and the equilibrium quantity would decrease.
1 answer:
7 0
The correct option is letter C.
Both the equilibrium price and quantity would decrease.
When the good in question are inferior, then with an increase in income, the demand for the good falls, as now the consumer would substitute the inferior good for the superior quality goods. The demand curve would shift inwards to the left and the price and quantity would fall.
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Answer:
Explanation:
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Revenue $236,000
Variable cost $69,000
Rental Cost $49.000
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Pretax profit $89,000
Taxes $17,800
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Increase in AP $ 135800
Operating Cash Flow 0
False...
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Answer:
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25. Refer to Table 4.Suppose the cost to build the park is $16 per acre.How large should the park be tomaximize total surplus from the park in Anywhere?A. 2 acresB. 3 acresC. 4 acresD. 5 acresD
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