If cameras and film have a cross elasticity of .985, they are complements
Indicate whether the statement is true or false
False
You might also like to view...
Rank the following goods from least to most elastic: compact cars, convertible compact cars, cars
A) Cars, convertible compact cars, compact cars B) Compact cars, convertible compact cars, cars C) Convertible compact cars, compact cars, cars D) Cars, compact cars, convertible compact cars
The figure above shows the market for coffee. Coffee is a normal good. If consumers' incomes fall, the efficient quantity of coffee will ________ and the producer surplus will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
If consumers were originally willing to buy 500 units of a good at a price of $20 are now willing to buy 500 units of the same good at a price of $10, that change would be described as a decrease in demand
a. True b. False Indicate whether the statement is true or false
The term market mechanism refers to
A. The use of market prices and sales to determine resource allocation. B. Supply curves but not demand curves. C. The establishment of a ceiling price in a market. D. Government laws and regulations concerning how the market should operate.