Refer to the diagrams. The case of substitute goods is represented by figure:
A. A.
B. B.
C. C.
D. D.
D. D.
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Labor productivity is
A) the quantity of capital one worker can produce in one day. B) the quantity of output produced in one hour by several workers. C) the quantity of output produced in one hour by one machine. D) the quantity of output produced by one worker or by one hour of work.
A good that has social costs that exceed private costs has a quantity that is
A) too high. B) too low. C) just right. D) the best society can do.
A soda factory employs seven workers and produces 500 bottles of soda a day. The company reduces the workforce to six workers and output is now 450 bottles a day. The seventh worker:
A. had a marginal product of 50 bottles of soda. B. caused average product to fall. C. had a lower marginal product than the sixth worker. D. All of these are true.
If the nominal GDP of a country increases by 25 percent in 5 years but real GDP remains more or less stable, it implies that the growth in nominal GDP was due to an increase in _____
a. total fiscal spending b. the rate of investment c. the amount of exports d. the rate of inflation