When an increase (decrease) in the price of one good causes a decrease (increase) in the demand for another good, the two goods are called ______.
a. complements
b. detriments
c. tributes
d. substitutes
a. complements
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According to the quantity theory of money, if M's growth is lower than Q's, then:
a. V falls. b. V rises. c. P stays the same d. P falls. e. P rises
The demand curve that a monopolist faces
a. is steeper than the market demand curve b. is the same as its marginal revenue curve c. is controlled by the government d. does not exist e. is the same as the market demand curve
Price ceilings and floors have traditionally been used when
a. markets don't clear b. markets clear but quantities bought and sold are insufficient to satisfy consumers c. excess supply becomes fixed or relatively fixed d. prices are volatile, fluctuating almost daily e. prices are unacceptably high or low
A student has not yet graduated from school but is looking for a job. Is the student considered to be in the labor force? Why or why not?