If automobiles and gasoline are complements, then their cross-elasticity coefficient will be:
a. strictly greater than one.
b. positive.
c. equal to zero.
d. negative.
d
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There's not a single golf course in downtown Chicago because
A) it would be physically impossible to produce. B) it would ruin the hustle and bustle of the city. C) the opportunity cost of creating such a course is too low. D) the demand for land for non-golf uses is high enough to discourage such an investment. E) all of the above are true.
In the above figure, if the market is unregulated, the equilibrium quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
A monopolistic market has
a. only one seller b. at least a few sellers c. many buyers and sellers d. firms that are price takers e. none of the above
Prices in both the U.S. and China rise, but prices in China increase by a larger percentage. According to purchasing-power parity, the U.S. dollar
a. gains value both in terms of the domestic goods and services it can buy and in terms of the Chinese currency it can buy. b. gains value in terms of the domestic goods and services it can buy, but loses value in terms of the Chinese currency it can buy. c. loses value in terms of the domestic goods and services it can buy, but gains value in terms of the Chinese currency it can buy. d. loses value both in terms of the domestic goods and services it can buy and in terms of the Chinese currency it can buy.