Economics > QUESTIONS & ANSWERS > Colorado State University - MICROECON 310Unit 1 Challenge 2 (All)

Colorado State University - MICROECON 310Unit 1 Challenge 2

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Which of the following is an example of being labor intensive?  a.) The wiring for a custom-built house  b.) Electricity  c.) A plane ticket from New York to Dubai  d.) Cell phone ... service Due to his recent increase in income, Peter is going to buy a quality pair of winter gloves from a specialty shop rather than a bargain set from a discount shop. The bargain gloves are now considered a(n) __________ good.  a.) inferior  b.) normal  c.) luxury  d.) Veblen Which choice below is a reason why a demand curve is downward sloping?  a.) As price increases, producers will supply more of a good.  b.) As price increases, consumers will purchase less of a product. [Show More]

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