The market-clearing curve for complementary goods is:
A. horizontal.
B. downward-sloping.
C. vertical.
D. upward-sloping.
B. downward-sloping.
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The period of growth in real GDP between the trough of the business cycle and the next peak is called the
a. recessionary phase. b. expansionary phase. c. contractionary phase. d. cyclical phase.
If the price elasticity of supply is 1.2, and a price increase led to a 5% increase in quantity supplied, then the price increase is about
a. 0.24%. b. 4.2%. c. 6%. d. 6.2%.
The answer is: "A reduction in consumers' surplus." What is the question?
A) What is an effect of a rise in price? B) What is an effect of a tariff? C) What is an effect of a quota? D) a and b E) a, b, and c
Which of the following examples accurately reflects monopolistic competition?
a. Jake charges the amount it costs him to make a highchair. b. Smooth Tummy charges much more for an antacid than it costs to produce it. c. A church pays Roberto much less for a statue than it cost him to make it. d. Alba donates a scarf she knitted to a homeless shelter.