If resource A and resource B are substitutes of each other and the price of resource A increases, then:
a. the price elasticity of demand for resource B will increase.
b. the demand for resource A will increase.
c. the demand for resource B will increase.
d. the price elasticity of demand for resource B will decrease.
e. the demand for resource B will decrease.
c
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Refer to Table 16.1. Consider the data in the table above (in billions of dollars) for an economy. Gross domestic product (in billions of dollars) for this economy equals
A) $2,700. B) $2,525. C) $2,350. D) $2,100.
When you purchase a new surfboard you do so in the
A) factor market. B) input market. C) product market. D) resource market.
Which of the following companies was NOT implicated in a scandal in the early 2000s?
a. enron b. coca-cola c. tyco international d. all of the above were implicated in scandals
Assuming no externalities exist, if a good's price is more than its marginal cost, then the benefits consumers derive are ________ than the cost of resources needed to produce it and ________ should be produced.
A. less; less B. less; more C. greater; less D. greater; more