A decrease in the price of a complement shifts the demand curve to the
a. right
b. left
c. it does not change the demand curve
d. none of the above
a
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Which of the following implies that a model is an approximation?
A) The model is not based on any assumption. B) The predictions of the model are mostly wrong. C) The predictions of the model will hold in most cases but not all. D) The predictions of the model cannot be tested with data.
An improvement in technology would
a. enable the economy to produce outside its original production possibilities frontier b. enable the economy to move along its original production possibilities frontier c. eliminate scarcity; therefore, the production possibilities frontier would no longer exist d. have no effect on the production possibilities frontier e. change the production possibilities frontier to a line with a positive slope
Last year a firm made 1,000 units of its product available at a price of $5 per unit. This year the firm will still make 1,000 units available, but only if the price is $7 per unit. What is most likely to have happened?
a. Supply has increased b. Supply has decreased c. Demand has decreased d. Quantity demanded has increased e. Quantity supplied has increased
Which of the following would be a disadvantage of the partnership form of business?
a. limited liability b. too many products c. unlimited liability d. profits flow directly to the one person responsible for creating it e. one person must make all of the important managerial decisions