Which of the following pairs of goods would be considered substitutes?
a. Milk and cookies.
b. Tires and automobiles.
c. Ink and pens.
d. Coca-Cola and Pepsi.
e. Computers and computer software.
d
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When demand is perfectly inelastic with respect to price, the demand curve is horizontal
Indicate whether the statement is true or false
An unregulated natural monopolist will produce the quantity at which
A) average total costs are minimized. B) marginal cost equals marginal revenue. C) marginal cost equals the long run average cost curve. D) the long-run average cost curve intersects the demand curve.
Demand-pull inflation is caused by a rightward shift of the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Corn and beef prices are typically linked because
A. corn is a complement to beef. B. they are alternative outputs. C. corn is an input to beef. D. corn is a substitute for beef.