Two items which have a positive cross price elasticity of demand are referred to as
A) luxury goods.
B) inferior goods.
C) substitutes.
D) complements.
C
Economics
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In the above figure, if income is $8, the initial price of a soft drink is $1, and the initial price of a milkshake is $2, a decrease in the price of a milkshake to $1 will move the consumer from point ________ to point ________
A) a; b B) b; c C) a; d D) a; c
Economics
In economics, the term "free market" refers to a market where products are traded but not sold
Indicate whether the statement is true or false
Economics
The earnings of which of the following resources comprises entirely of economic rent?
a. Unskilled labor b. Coal c. Timber d. Water e. Biomass
Economics
An industry with a concentration ratio of 100 would have ___________ firms.
Fill in the blank(s) with the appropriate word(s).
Economics