The most likely complementary good for cereal would be:
A. a bagel.
B. milk.
C. pizza.
D. a sub sandwich.
B. milk.
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Morgan graduates from college and gets a job paying $50,000 a year. While in school, she consumed 4 pounds of chicken and 1 pound of shrimp a month. After she starts work, she consumes 2 pounds of chicken and 3 pounds of shrimp a month
If everything else is held constant, we know that A) chicken and shrimp are normal goods for Morgan. B) chicken is an inferior good and shrimp is a normal good for Morgan. C) chicken is an inferior good for Morgan. D) shrimp is a normal good for Morgan.
Average variable cost is
a. total cost minus fixed cost b. total variable cost divided by the quantity of output c. total cost plus marginal cost d. total cost per unit of output e. output divided by the quantity of inputs used
Under a system of fixed exchange rates, excess demand for foreign currency at the official exchange rate would cause
a. the exchange rate to rise. b. the exchange rate to fall. c. the government to buy foreign currency from the country’s importers. d. the government to sell foreign currency to the country’s importers.
Symmetric information generally leads to efficient allocations of resources
a. True b. False Indicate whether the statement is true or false