Hot dogs and hamburgers might be considered ________ goods compared to steak.
A. complementary
B. normal
C. inferior
D. substitutable
Answer: C
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The closer an income Lorenz curve is to the line of equality, the
A) slower income is growing. B) more equally income is distributed. C) less equally income is distributed. D) faster income is growing.
A monopolist is maximizing profit at an output rate of 100 units per week. At this output rate, the price that its customers are willing and able to pay is $8 per unit, average total cost is $5 per unit, and marginal cost is $6 per unit. It may be
concluded that at this monthly output rate, marginal revenue is A) $5 per unit, and the monopolist earns zero economic profits. B) $6 per unit, and the monopolist earns economic profits of $200 per week. C) $6 per unit, and the monopolist earns economic losses of $100 per week. D) $6 per unit, and the monopolist earns economic profits of $300 per week.
A deadweight loss occurs ________ in a market.
A. only when there is overproduction B. when there is underproduction or overproduction C. when there is efficient production D. only when there is underproduction
People cannot be excluded from using a common resource.
Answer the following statement true (T) or false (F)