Macaroni and cheese are considered to be
a. normal goods
b. complementary goods
c. substitute goods
d. equilibrium goods
e. market-day goods
B
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Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning
a. a positive economic profit since it is charging a price above marginal cost. b. no economic profit since it is charging a price equal to its marginal cost. c. a positive economic profit since it is charging a price above its average total cost. d. no economic profit since it is charging a price equal to it average total cost.
In many circumstances, prisoners are not allowed to possess cash. Does this mean there is no money in prison? Explain
Draw a graph of a production possibilities curve with consumption goods and capital goods that displays the law of increasing opportunity costs. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?
What will be an ideal response?
Government intervention is sometimes used to reduce the external costs of production.
Answer the following statement true (T) or false (F)