The income effect shows a change in someone or the economy's income and how it changes the quantity of a good or service. If one is making more, they are usually buying more of something. If someone is making less, they are often buying less of something.
In the market for magazines, the "income effect" means that if the price of a magian rises magazine readers will purchase less magazines.
You might obtain any of the possible degrees at a community college, except a Master's degree.<span />
Answer:
(C)
Explanation:
Premiums is something given as a reward, prize, or incentive.
In this case, the college entertainers offered an incentive or reward (premiums) to the people who came to see them perform.
The shirts would encourage the people who came to see them perform to be present some other time.
For example, a grocery store may give free sweets to children who accompany their parents to the store.
What can we say about the long run equilibrium is: Fewer grapefruit will be produced.
<h3>
What is perfectly competitive market?</h3>
Perfectly competitive market can be defined as the market in which producer or manufacturer product similar or identical product.
Suppose the price of grape fruit is lesser compare to the average cost of production it , this tend to mean that in the long run only fewer or little amount of grapefruit will be produced.
Therefore fewer grapefruit will be produced.
Learn more about Perfectly competitive market here:brainly.com/question/4190313
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In this item, we are asked for the term/s that would best fit in the blank to complete the sentence. The difference between the country or nation's exports compared to the imports over a specific period of time is called BALANCE OF TRADE.
This is one of the components of the country's balance of payments. This may also be referred to as the TRADE BALANCE or sometimes INTERNATIONAL TRADE BALANCE.