Capital and labor can be ___________ or ___________ factors of production.
Fill in the blank(s) with the appropriate word(s).
substitute; complementary
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Refer to the scenario above. What is likely to be the impact on Firm A's sales if Firm A decides to sponsor the event while Firm B decides not to sponsor the event?
A) A 5% increase in sales B) A 2% increase in sales C) A 7% increase in sales D) A 0% increase in sales
The forecasting method that involves using an average of past observations to predict the future (if the forecaster feels that the future is a reflection of some average of past results) is the
A) moving average method. B) econometric forecasting method. C) exponential smoothing method. D) Both A and B E) Both A and C
Economic efficiency requires that Pareto improvements still be possible
a. True b. False
When consumers face rising gasoline prices, they typically
a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.