If the cross-price elasticity of salt and pepper is positive the goods must be complements.
Answer the following statement true (T) or false (F)
False
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If a public good was left to be provided by the private sector
A) more than the efficient quantity would be produced. B) less than the efficient quantity would be produced C) the efficient quantity would be produced D) the good would be provided at a very low price.
Which of the following market structures is (are) capable of earning positive economic profits in the long run?
A) monopoly B) oligopoly C) monopolistic competition D) Both A and B.
If the government were to reduce its spending, it would be enacting:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. a budgetary crisis intervention. D. expansionary budgetary policy.
If output grows faster than the population, the average standard of living will
a. rise b. fall c. remain the same d. stagnate e. rise and then fall