Oil and alternative sources of energy such as wind and solar are
A. Complementary goods.
B. Income-elastic goods.
C. Substitute goods.
D. Inferior goods.
Answer: C
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A natural monopoly occurs when
A) one firm owns all the vital resources needed to produce a particular good. B) economies of scale allow one firm to supply the entire market at the lowest possible cost. C) a few firms collude to act as a single firm. D) one firm captures all the consumer surplus.
Empirical evidence suggests that usury laws
A) help poor consumers by lowering the interest rate they pay. B) hurt poor consumers by limiting their ability to borrow. C) keep interest rates low. D) limit the amount borrowed by wealthier consumers.
Answer the following questions:
a. What is a bond? b. If bonds make fixed payments every year, explain how a reduction in market interest rates will increase the price of the bond in the market.
Discrimination by a manager in the hiring process
a. decreases the firm's costs. b. increases the firm's costs. c. is evident if a white manager refuses to hire a certain black applicant. d. is evident if a male manager fails to hire a certain female applicant.