A Consumer Allocates Income Between Clams and Mussels

question 100

Multiple Choice

A consumer allocates income between clams and mussels.If clams are a normal good, then when the price of clams rises, the consumer will definitely buy

• A)more clams and more mussels
• B)fewer clams and fewer mussels
• C)more clams and fewer mussels
• D)fewer clams and more mussels
• E)fewer clams, but the effect of the price change on purchases of mussels cannot be predicted

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Definitions:

Criminally Liable

The state of being legally responsible for the commission of a crime, subjecting the individual to criminal prosecution and penalties.

Corporate Officer

An executive or manager who holds a position of authority in a corporation, typically appointed by the board of directors.

Hostile Takeovers

Hostile takeovers are attempts by one company to acquire control of another company against the wishes of the target company's management and board of directors.

Respondeat Superior

Latin for “let the superior speak”; the principle by which liability for harm caused by an agent/ employee is held by the principal/employer.