If the price of one good increases, and as a result the demand for another good increases, the goods are
A) substitutes.
B) normal goods.
C) complements.
D) inferior goods.
A
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Most income in the United States is earned by business owners as profit
Indicate whether the statement is true or false
The aggregate demand curve shows the combinations of output and the price level that put the economy on
A) the FE line and the IS curve. B) the FE line, the IS curve, and the LM curve. C) the IS curve. D) the IS curve and the LM curve.
Buy Airline Tickets over the Weekend A recent study by economists Steven Puller and Lisa Taylor found that airline tickets purchased over the weekend were priced 5% lower on average. Why would airlines charge lower prices to customers making bookings on the weekend?
Jim and Fred are the only two cashiers employed at a retail store. Each of them works the same 40 hours per week and each can check out 30 customers per hour by manually entering the price of each product purchased into the cash register. The store owner replaces the old cash registers with new ones that automatically scan product prices into the register. With the new cash registers, Jim and Fred can each check out 60 customers per hour. Their average labor productivity as a team before the new cash registers were introduced was ________ customers per hour and ________ customers per hour after the new machines were installed.
A. 1,200; 2,400 B. 30; 120 C. 30; 60 D. 60; 120