While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerable higher salary, you stopped purchasing hot dogs. For you, hot dogs are
a. Complementary good
b. Normal good
c. Inferior good
d. Substitute good
c
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in the price of McBoover devices. Therefore
A) widgets and McBoover devices are substitutes. B) widgets and McBoover devices are complements. C) widgets are a normal good. D) McBoover devices are a normal good.
In which of the following areas were substantial New Deal reforms NOT made?
a. The commercial banking system. b. The Federal Reserve System. c. Securities markets. d. Corporate accounting standards.
If a firm with two large plants installs a large, custom built assembly line in each of its plants, the custom assembly line is an example of ________.
A) specialized capital B) managerial diseconomies C) a compensating wage differential D) geographic variation
The consumption function has a positive slope
a. True b. False Indicate whether the statement is true or false