Which phrase best describes the income effect ?

a. the effect of demand and supply on income earned by producers

b. the impact of price on consumers' purchasing ability and decisions

c. the increased income earned by suppliers because of high prices

d. the impact of consumers' income on the supply of a product

Michigan mattress company is considering the purchase of land and the construction of a new plant. the land, which would be bought immediately (at t = 0), has a cost of $100,000 and the building, which would be erected at the end of the first year (t = 1), would cost $500,000. it is estimated that the firm's afterminustax cash flow will increase by $100,000 starting at the end of the second year, and that this incremental flow would increase at a 10 percent rate annually over the next 10 years. what is the approximate payback period?

Why is efficiency an important economic goal?

Describe how to write a main idea expressed as a bottom-line statement