A decline in the price of resource A will:
A. increase the demand for complementary resource B.
B. shift the demand curve for A to the left.
C. shift the demand curve for A to the right.
D. reduce the demand for complementary resource B.
Answer: A
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Answer the next question based on the following demand and cost data for a specific firm.Demand DataCost Data(1) Price(2) Price(3) QuantityTotal OutputTotal Cost$50$3522$4545303355402544703520559030156611525107714520588180If columns 1 and 3 are this firm's demand schedule, then economic profit will be
A. $70. B. $90. C. $80. D. $60.
When the unemployment rate is less than the natural unemployment rate
A) the output gap is positive. B) the output gap equals zero. C) the output gap is negative. D) None of the above is possible because it is impossible for the unemployment rate to be less than the natural rate.
The Federal Reserve could target both the money supply and the interest rate at the same time if it controlled money demand along with money supply
Indicate whether the statement is true or false
For a Giffin good, the income effect is
A. less than the substitution effect. B. the same as the substitution effect. C. greater than the substitution effect. D. in the same direction of the substitution effect.