two goods that are used together. when the price of a complementary good rises, the demand for related good goes down
What will be an ideal response?
complements
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When people "vote with their feet" they _____
a. move to the governmental jurisdiction with the lowest taxes b. move to the governmental jurisdiction that have the bundle of government goods and services closest to their preferred level c. move to the governmental jurisdiction with the best schools d. move to democracies from dictatorships
In order for a firm to maximize profits through price discrimination, the firm must have some market power and be able to prevent arbitrage
a. True b. False Indicate whether the statement is true or false
When the economy is operating at full capacity we are in the _____ range of the aggregate supply curve.
Fill in the blank(s) with the appropriate word(s).
Recently economists have added what factor as a major explanation of economic growth?
A. technology B. the growth rate of capital C. the growth rate of labor D. the growth rate in labor and capital productivity