If a decrease in the price of good Y causes the demand for good Z to decrease, this indicates that
a. Y and Z are complements.
b. Y and Z are substitutes.
c. Y and Z are unrelated.
d. the demand for Y is elastic, but the demand for Z is inelastic.
B
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The rules of accounting generally require that ________ be included in a firm's financial records
A) only explicit costs B) both explicit costs and implicit costs C) only implicit costs D) neither explicit costs nor implicit costs
If the market for products produced by firms in a monopolistically competitive industry becomes ________, then there will be ________ firms and each firm will produce ________ output and charge a ________ price
A) smaller; fewer; less; higher B) smaller; more; less; higher C) smaller; more; less; lower D) smaller; fewer; less; lower E) smaller; fewer; more; higher
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 200 B. W = 0.02Qs + 200 C. W = 50Qs + 10,000 D. W = 200Qs + 500
Suppose that the government increases taxes. One effect of this change is that it decreases
a) disposable income, which decreases consumption expenditure and aggregate demand b) government expenditure, which decreases aggregate demand c) the size of the government expenditure multiplier d) disposable income which then decreases aggregate supply