Certain goods are related such that an increase in the price of one good decreases the quantity demanded of the other. These goods are
a. complements.
b. substitutes.
c. luxury goods.
d. competing goods.
a
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The figure above shows a time-series graph. The horizontal axis measures ________ and the vertical axis measures ________
A) time; x-values B) time; the variable of interest C) the variable of interest; time D) y-values; the variable of interest
Bridge Coal Company is the only employer in a remote and mountainous region of the country, so the firm is the monopsony buyer of labor in the market
If the price of coal increases, then the firm's quantity of labor demanded ________ and the equilibrium wage ________. A) decreases, decreases B) decreases, increases C) increases, decreases D) increases, increases
Which of the following tax systems is the most fair?
a. proportional taxes b. regressive taxes c. progressive taxes d. There is no objective way to assess fairness among the three systems.
Two friends, one an engineer and the other an accountant, decide to form a partnership. If the accountant takes care of the books and the engineer runs the factory, they are likely to enhance the economy's productivity through:
A) scarcity. B) specialization of labor. C) a shift in the production possibilities curve. D) a movement along the production possibilities curve.