If a rise in the price x causes less y to be demanded:
a. x and y are gross complements.
b. x and y are gross substitutes.
c. x and y are net complements.
d. x and y are net substitutes.
a
You might also like to view...
Refer to Figure 3.5. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does Donald have a dominant strategy, and if so, what is it? c. Does Donald have a dominant strategy, and if so, what is it? d. What is the cooperative solution? e. What is the Nash equilibrium?
What are some of the potential obstacles that can lead to market failure by preventing a market from reaching the efficient outcome? Briefly define each obstacle
What will be an ideal response?
Frank spends Saturday afternoon at the Dodge dealership looking at new trucks. The model that he is interested in has a sticker price of $29,000. The fact that the price is quoted in dollars is an example of money used as a
A) medium of exchange. B) unit of account C) store of value. D) All of the above answers are correct.
According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the number of cleared acres per farm ______________
a. increased; decreased b. decreased; increased c. decreased; remained fairly stable d. remained fairly stable; increased