A positive cross price elasticity of demand between two goods suggests that the goods are

A. not related.
B. substitutes.
C. complements.
D. both of unitary elasticity.


Answer: B

Economics

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An increase in the minimum wage

a. increases both the quantity demanded and the quantity supplied of labor. b. decreases both the quantity demanded and the quantity supplied of labor. c. increases the quantity of labor demanded but decreases the quantity of labor supplied. d. decreases the quantity of labor demanded but increases the quantity of labor supplied.

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The goal of utility maximization is to allocate your ________ in order to maximize your ________.

A. utility; spending B. resources; satisfaction C. resources; desires D. time; work

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