The cross elasticity of demand for substitute products must:
a. be greater than one.
b. be less than one.
c. be zero.
d. exceed zero.
e. be negative.
d
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Government policies that improve equality usually increase efficiency at the same time
a. True b. False Indicate whether the statement is true or false
The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
A. the consumption principle. B. the ranking principle. C. the choice principle. D. the more-is-better principle.
To justify infant industry protection:
a. firm must move down its average cost curve to produce more output. b. a firm's average cost curve must shift upward over time. c. a firm's total cost curve must shift leftward over time. d. a firm's average cost curve must shift downward over time.
____________are generally associated with labor and raw materials.
Fill in the blank(s) with the appropriate word(s).