Summarize examples of how a change in demand for one good can affect demand for a related good
What will be an ideal response?
Exapmle:When we consider the demand for skis, ski boots are considered a complement. An increase in the price of ski boots will cause people to buy fewer boots. Because skis are useless without boots, the demand for skis will fall at all prices—after all, why buy new skis if you can't afford the ski boots you need?
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Human capital refers to the physical tools and equipment that workers use on their jobs to enhance their productivity
a. True b. False Indicate whether the statement is true or false
Identify a limitation of the aggregate expenditure model. Explain what is missing from the model that causes that limitation.
What will be an ideal response?
Consider an unregulated monopoly in Figure 13.2. Suppose that a second firm enters the market. and both firms in the industry are profitable. After the second firm's entry, the industry is now classified as:
A. a natural monopoly. B. a duopoly. C. a monopolistic competitor. D. a pure competitor.
Selling a product at different prices when the price difference is unrelated to costs is a practice known as
A) price fixing. B) price monopolization. C) price discrimination. D) price differentiation.