Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prices of hamburgers in the fast food industry (assume that this is an inferior good) have decreased steadily in recent years. Over this same period,
Prices of hamburgers in the fast food industry (assume that this is an inferior good) have decreased steadily in recent years. Over this same period, prices of meat preservatives (used in the preparation of hamburgers) have dropped and consumer incomes have decreased. Which of the following best explains the decreasing prices of hamburgers? A. The supply curve for hamburgers has shifted to the right more than the demand curve has shifted to the right. B. The supply curve for hamburgers has shifted to the right while the demand curve for hamburgers has shifted to the left. C. The demand curve and the supply curve for hamburgers have both shifted to the left. D. The demand curve for hamburgers has shifted to the right more than the supply curve has shifted to the rightIf nominal GDP in 2014 is $20,000 billion while real GDP is $16,000 billion, then the GDP deflator in 2014 is: A. 110 B. 80 C. 125 D. 150
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started