Which of these pairs of concepts can be positively, as well as negatively, related?
A. The income of consumers and the demand for a product
B. The price of a product and the quantity of that product demanded
C. The price of a product and the demand for a complementary product
D. The cost of resources required to make a product and its supply
A. The income of consumers and the demand for a product
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The idea that aggregate price levels do not affect real outcomes in the economy is called the:
A. neutrality of money. B. aggregate price theory. C. neutrality of prices. D. real output theory.
If peanut butter and jelly are complements, but peanut butter and tuna fish are substitutes,
a. an increase in the price of peanut butter will increase the demand for jelly. b. an increase in the price of peanut butter will decrease the demand for jelly. c. an increase in the price of peanut butter will decrease the demand for tuna fish. d. a decrease in the price of peanut butter will increase the demand for tuna fish.
______________ can model a change in conditions which affects many, if not all, markets in the economy
Fill in the blank(s) with the appropriate word(s).
A depreciation of the U.S. dollar ________ the price of U.S. imports, and ________ the price of U.S. exports.
A. decreases, increases B. increases, decreases C. increases, increases D. decreases, decreases