If the price of beef jerky rises, the substitution effect due to the price change will cause
A) an increase in the demand for hot sauce, a complement for beef jerky.
B) a decrease in the quantity of beef jerky demanded.
C) an increase in the quantity of beef jerky demanded.
D) an increase in the demand for beef jerky.
B
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An English auction is
a. A sealed auction b. An oral auction c. An auction where bidders submit decreasing bids d. All of the above
What does the fact that U.S. students are falling behind other nations' students in math and science have to do with economic growth?
A) Nothing. People in the United States just don't like to fall behind in anything as a matter of pride. B) If U.S. students don't excel in math and science, the nation will see fewer plays written and fewer pieces of music composed. C) Better technology, a key to economic growth, depends largely on math and science skills. D) Math and science skills don't foster economic growth, but it takes math skills to calculate a nation's rate of economic growth.
If a firm is able to cover its variable costs by operating in the short run then, at its best output level, the
a. marginal revenue is equal to marginal cost b. vertical distance between MR and MC is maximized c. vertical distance between TR and TC is minimized d. marginal cost curve lies above the marginal revenue curve e. marginal cost curve is minimized
A contractionary monetary policy helps close an inflationary gap in an economy but leads to lower levels of output and employment
a. True b. False Indicate whether the statement is true or false