If two goods are often consumed together, they are
a. substitute goods
b. inferior goods
c. complementary goods
d. normal goods
e. unrelated goods
C
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In the real world we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. All of the following are reasons for this except
A) some countries have more resources than other countries. B) tastes for many traded goods are different in many countries because of globalization. C) production of most goods involves increasing opportunity costs. D) not all goods and services are traded internationally.
List three reasons why demand for a product will often increase if the product is endorsed by a celebrity
What will be an ideal response?
We have read that the uninsured and the insured behave differently in regard to medical services. Suppose that the insured have a demand curve that can be written as Q = 100 - P, where Q is the quantity of medical services and P is the price. Suppose further that the uninsured have a demand curve that can be written as Q = 100 - 2P.
(a) At a price of $10 of medical services, how much will each demand? (b) At a quantity of 50 units, how much will the price be for the insured and uninsured?
Because all of his friends stopped exclusively wearing black clothes, Doug wears anything but black clothes. This is known as
A) a negative sum game. B) collusion. C) positive market feedback. D) negative market feedback.