Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are
A) substitutes.
B) both inferior goods.
C) complements.
D) both luxury goods.
Answer: C
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At a price of $1 per table, the quantity supplied of tables is 100 units whereas the quantity demanded is 70 units. Given this information, which of the following statements is true?
A) $1 per table is the market clearing price. B) At $1 per table, there is a surplus in the market. C) At $1 per table, there is a shortage in the market. D) $1 per table is the equilibrium price.
In the United States in 2014 real GDP per person was about $56,000, while in some poor countries real GDP per person was less than $5,000
a. True b. False Indicate whether the statement is true or false
The foreign exchange rate is the ________.
A. value of imports of the goods and services and the exports of goods and services in an economy B. amount of one nation's currency that can be purchased with a unit of another nation's currency C. real rate of interest on long-term government bonds in other nations D. rate at which money serves as a medium of exchange for goods and services that would typically be bartered
Examples of transfer payments are
A. federal government spending for national defense. B. wages, profits, and rents. C. salaries of educators, police, and firefighters. D. Social Security checks and unemployment insurance payments.