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30. During a very bad recession the nation's disposable income fell by 10 percent, while its consumption of a certain good rose by 5 percent.
30. During a very bad recession the nation's disposable income fell by 10 percent, while its consumption of a certain good rose by 5 percent. That good was good. (LO4) a) a complementary b) a substitute c) a normal good d) an inferior good 31. Movie tickets and DVD rentals are services. (LO4) a) inferior b) complementary c) substitute d) highly inelastic 32. Total revenue would be maximized when elasticity is (LO3) a) above 10 b) rising c) falling d) 1 e) 0
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