Problem on average household income

Can someone help me in finding out the right answer from the given options. Demand curve for the gasoline, a normal good, would shift to right when: (1) The legal least age to drive was raised to 18 all through the world. (2) New oil fields were discovered and exploited, lowering down the price of gasoline. (3) A new law mandated raised fuel efficiency for all the cars sold in United States. (4) Average house-hold income rose all through the United States. (5) All interstate highways were transformed to toll roads, by fees per mile driven.

View Complete Question

Related Questions in Microeconomics

Q : Profit Maximization and the Demand for

Each and every profit-maximizing firm which can cover its variable costs will hire the labor: (1) Just to the point of the diminishing returns. (2) Just to the point where MRP = ARP for the final worker hired. (3) Beyond the point of the diminishing r

Q : Supply curves toward right from

Technological progress shift: (i) Demand curves up and to right. (ii) Production possibilities curve in the direction of their origins. (iii) Prices into inflationary spiral. (iv) Supply curves rightward from vertical axis. Can som

Q : Evalute clothing market Evalute the

Evalute the statement. Generally People buy clothing in the city where they live. Therefore there is a clothing market in, say, Atlanta that is distinct from the clothing market in Los Angeles. This statement is tr

Q : Least probable resource for supply curve

The resource least probable to conform to the supply curve demonstrated in this figure would be: (w) land. (x) capital. (y) labor. (z) entrepreneurship.

Q : Determinants of genuine Demand The

The demand for authentic leather footballs would tend to rise if: (1) Prices for football pads and cleats reduced. (2) Cheap footballs recently molded from the synthetic fibers demonstrated enhanced durability and performance. (3) Latest records were set for injuries

Q : Elasticity of Demand for Labor Can

Can someone help me in finding out the right answer from the given options. Absolute value of the proportional change in labor hired divided by the proportional change in the wage rate is termed as the: (1) Income or substitution coefficient. (2) Employment salary or

Discover Q & A

Leading Solution Library

Avail More Than 1457078 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1957831
Asked

3,689

Active Tutors

1457078

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment