The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of
A) its substitutes and its complements.
B) its substitutes but not its complements.
C) its complements but not its substitutes.
D) neither its substitutes nor its complements.
A
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The amount of work time lost because of strikes has been declining fairly steadily since
A. 1950. B. 1960. C. 1970. D. 1990.
A production possibilities frontier is a line or curve that:
A. explains why societies make the choices they do. B. shows the best combinations of outputs that can be produced using all available resources. C. shows all the possible combinations of outputs that can be produced using all available resources. D. shows what can be produced when all available resources are efficiently used.
Which of the following statements about the FDIC is correct?I.The deposit insurance premiums charged by the FDIC to a member bank fully reflect the riskiness of that bank's assetsII.The manner in which the FDIC is set up helps protect depository institutions from the rigors of true market competition
A. I only B. II only C. Both I and II D. Neither I nor II
Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $7. What does profit equal when quantity equals 2?
A. $2 B. $16 C. $14 D. -$2