Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of pizza, and Pb is the price of a burrito. What is the relationship between burritos and pizza, from the point of view of consumers?
A) They are independent.
B) They are complements.
C) They are substitutes.
D) Not enough information to answer the question.
C
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The Civil Aeronautics Board (CAB) was:
a. established in 1934 and reorganized in 1984. b. established in 1938 and eliminated in 1984. c. established in 1938 and reorganized in 1991. d. never a regulatory agency.
The value added for a nation equals
A. all goods and services less the intermediate goods used in production.
B. the market value of all products and services less the market value of all intermediate goods.
C. input costs plus the value of intermediate goods.
D. the market value of intermediate goods less the value of all goods and services.
Payments for goods and services that will be used up by households during the year are
A. investment expenditures for the production of output. B. made by firms to households and called national income. C. called consumption expenditures. D. for intermediate goods and are not counted in GDP.
The demand for soap is more elastic than the demand for Dove soap
a. True b. False Indicate whether the statement is true or false