Two products that serve similar purposes for a consumer would be referred to as
a. substitutes.
b. complements.
c. inferior goods.
d. unrelated goods.
A
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Normative economic analysis answers what question?
What will be an ideal response?
Beverly spends $100 on a teeth whitening kit. After one application, her gums are inflamed and it feels like her mouth is on fire. Beverly is trying to decide whether to apply the treatment again, or throw the kit away. The opportunity cost of a second application is:
A. $100. B. the pain and suffering involved with the second application. C. $100 + the pain and suffering involved with the second application. D. $100 + the pain and suffering involved with the first and second application.
The classical model does a poor job of explaining the __________ because it assumes that the __________ always clears
a. long run; labor market. b. long run; financial market. c. short run; labor market. d. short run; financial market. e. short run; housing market.
Interest rate ceilings resulted in great profitability for banks in the 1970s
a. True b. False Indicate whether the statement is true or false