For consumers, oranges and bananas are substitutes. Hence if the price of an orange rises, the demand for Question 8 options:
A. bananas increases.
B. oranges increases.
C. bananas decreases.
D. oranges decreases.
B. oranges increases.
You might also like to view...
To date, the longest prison sentence for violating the Sherman Act has been ________ years.
A) ten B) eight C) two D) five
Sound economic policy is policy that is consistent with
a. good intentions. b. quick action and frequent policy changes until positive results are achieved. c. monetary stability, free trade, and low tax rates. d. saving jobs, protecting domestic industry, and increasing tax revenue.
A consumer buys toys made in China. The value of the toys is included only in the net exports component of GDP
a. True b. False Indicate whether the statement is true or false
Beverly spends $100 on a teeth whitening kit. After one application, her gums are inflamed and it feels like her mouth is on fire. Beverly is trying to decide whether to apply the treatment again, or throw the kit away. The opportunity cost of a second application is:
A. $100 + the pain and suffering involved with the second application. B. the pain and suffering involved with the second application. C. $100. D. $100 + the pain and suffering involved with the first and second application.