If the cross-price elasticity of demand between lettuce and salad dressing is negative, then when the price of lettuce rises, the demand for salad dressing will ________.
A. remain the same
B. increase
C. decrease
D. become more inelastic
Answer: C
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When a perfectly competitive firm is in long-run equilibrium, economic profits
A) are positive. B) are zero. C) are negative. D) may be positive, zero or negative depending upon costs.
Contingency fees
a. are illegal in many countries. b. are calculated as a percentage of the total damage award. c. are similar to punitive damages. d. according to some reformers, should be increased to discourage further lawsuits. b. both a and b.
Which of the following is not counted as part of M1?
a. Coins. b. Federal Reserve notes or " paper money." c. Passbook savings deposits. d. Checkable deposits.
Transfer earning is the minimum amount that has to be paid to a factor to allocate it in its next best alternative use
a. True b. False Indicate whether the statement is true or false