The cross price elasticity between X and Y is 1.2. We can conclude that
A) goods X and Y are substitutes.
B) goods X and Y are complements.
C) goods X and Y are unrelated.
D) perfect substitutes
A
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Every society must follow some kinds of criteria to determine who gets what. Examples of such criteria include
A) age. B) gender. C) height. D) willingness to pay. E) all of the above.
One kind of gain from specialization is that
a. most individuals gain at the expense of someone else b. people develop expertise c. people get to do only what they like d. people cannot be bossed around e. people gain political power
If whooping cranes generate benefits to some members of society by merely their continued existence, then economic markets will consider this in arriving at a level of their provision "as if by an invisible hand."
Indicate whether the statement is true or false
Marginal productivity analysis shows that a drop in the price of the product will cause input use to
A. increase. B. decrease. C. stay the same. D. The information is insufficient to provide an answer.