The above figures show the market for hamburger meat. Which figure shows the effect of a decrease in the price of a substitute like hot dogs?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
B
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Since 1980, ________ are subject to reserve requirements
A) only commercial banks B) only the member institutions of the Federal Reserve C) only nationally chartered depository institutions D) all depository institutions
_______ is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
Monopolistic competition does not display allocative efficiency in either the short run or the long run
a. True b. False Indicate whether the statement is true or false
Soup is an inferior good if the demand
a. for soup falls when the price of a substitute for soup rises. b. for soup rises when the price of soup falls. c. curve for soup slopes upward. d. for soup falls when income rises.