Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family
A) hamburgers and hot dogs are normal goods. B) hamburgers and hot dogs are substitutes.
C) hamburgers and hot dogs are inferior goods. D) hamburgers and hot dogs are complements.
B
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A competitive equilibrium has all of the following properties except
A) MPN = slope of PFF. B) MRS1,C = MRT1,C. C) MRT1,C = MPN. D) MPN = w.
According to the hypothesis, when did structural stagnation begin?
A. The mid-1990s B. The mid-1970s C. The mid-1980s D. The mid-1960s
When people perceive a net benefit to a course of action, they will ______.
a. avoid that activity b. pursue the opportunity c. recalculate the costs d. look for another option
The 1969 IBM case ended when
A. IBM won an injunction against Apple's production of PCs. B. the U.S. Justice Department dropped the case in 1982. C. mainframe computers gradually replaced PCs in economic importance. D. Apple and Microsoft dropped their complaints against IBM.