If the cross elasticity of demand for two goods is positive, then the two goods are substitutes
Indicate whether the statement is true or false
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Economics
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Refer to Figure 3-2. A decrease in the price of substitutes in production would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Economics
Because prices are slow to move in the short-run, when the Federal Reserve lowers the federal funds rate
A) nominal interest rates rise. B) real interest rates fall. C) inflation falls. D) real interest rates rise.
Economics
Briefly and concisely define the following terms
a. voluntarism b. direct controls c. depletable resource
Economics
When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. fixation. b. excess supply. c. equilibrium. d. excess demand.
Economics