Recall the Application About the Increase in Chinese Demand for Pecans

question 121

Multiple Choice

Recall the Application about the increase in Chinese demand for pecans to answer the following question(s) . Between 2006 and 2009, Chinese imports of U.S. pecans increased from 9 million pounds per year to 88 million pounds per year, and as a result of the increase in demand, the equilibrium price increased by about 50 percent. The increase in demand was caused in part by widespread reports in the Chinese media extolling the health benefits of pecans.
-According to the Application,can we determine if pecans are normal goods or inferior goods?

• A) No. The Application made no mention of changes in income.
• B) No. The Application did not mention the quality of the pecans.
• C) Yes, pecans are inferior goods.
• D) Yes, pecans are normal goods.

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The process of forming a mental image of something, often used as a technique in planning, creativity, and problem-solving.

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An analysis or assessment of the practicality and potential success of a proposed project or system.

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