If an economist observed that higher hot dog prices lead to a decrease in the demand for chili, she most likely would conclude that:

A. chili and hot dogs are both inferior goods.
B. chili and hot dogs are substitutes.
C. chili and hot dogs are complements.
D. chili and hot dogs are both normal goods.


Answer: C

Economics

You might also like to view...

The bank rate is the interest rate charged by the commercial banks to its borrowers

a. True b. False Indicate whether the statement is true or false

Economics

A decrease in planned investment will shift the _____

Fill in the blank(s) with the appropriate word(s).

Economics

If there's no import, the multiplier in Q9 equals

What will be an ideal response?

Economics

A demand curve is derived from

A) the production possibilities curve. B) consumer's income. C) a demand schedule. D) an equilibrium.

Economics