If the price of one input changes, the firm will change its use of that input only.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Traveler's checks are included in M1 but not in M2
Indicate whether the statement is true or false
All choices have monetary costs.
a. true b. false
If you were told that the exchange rate between the U.S. dollar and the Canadian dollar was 1.2, that would mean that Canadians would have to spend ____ to buy a $12 watch in New York City.
A. 18 Canadian dollars B. 10 U.S. dollars C. 12 U.S. dollars D. 14.4 U.S. dollars
Suppose that a 10 percent increase in the price of normal good Y causes a 20 percent increase in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is:
A. negative and therefore these goods are substitutes. B. negative and therefore these goods are complements. C. positive and therefore these goods are substitutes. D. positive and therefore these goods are complements.