For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. Digital camera and memory card
b. 7Up and Mountain Dew
c. Swimsuits and flip-flops
d. Tylenol and cat food
e. Photocopier and paper
a. Complements
b. Substitutes
c. Complements
d. Unrelated
e. Complements
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The most people live in ________ economies, and the fewest people live in ________ economies
A) developing; emerging market B) advanced; emerging market C) advanced; developing D) emerging market; developing E) developing; advanced
Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind. B) The Lorenz curve does not include unreported income obtained from the underground economy. C) The Lorenz curve does not consider different sizes of households. D) The Lorenz curve does not consider age differences among wage earners.
What is the difference between short-run equilibrium and long-run equilibrium in the goods and services market?
Golden Rule of Cost Minimization - to minimize cost, the firm should employ inputs in such a way that the _______________ per dollar spent is equal across all inputs.
Fill in the blank(s) with the appropriate word(s).