If the price of beef rose and the demand for chicken increased, then beef and chicken are:
a. Substitute goods
b. Consumer goods
c. Inferior goods
d. Complementary goods
Answer: a. Substitute goods
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According to the misperceptions theory, an anticipated 10% decrease in the money supply leads to a short-run reduction in the price level of
A) 0%. B) 5%. C) some amount between 0% and 10%. D) 10%.
The sale of western land after 1790 was steady and strong
Indicate whether the statement is true or false
The power of the contract and the ability to enforce contracts in the U.S. are, in part, responsible for the overall success of the U.S. economy
Indicate whether the statement is true or false
Those who oppose minimum wage legislation argue that:
A. setting a wage above the market-clearing equilibrium creates unemployment. B. it should be set below the market-clearing equilibrium. C. workers deserve a basic standard of living. D. the way to get an efficient labor market is for government intervention.