Assume that tortilla chips and salsa are complements. When the price of tortilla chips decreases:
A. the demand for salsa increases.
B. the demand for salsa decreases.
C. the supply of salsa decreases.
D. the demand for tortilla chips decreases.
Answer: A
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Using the data in the table above, if the price of a stapler is $8, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a surplus; is greater than B) a surplus; is less than C) a shortage; is greater than D) a shortage; is less than E) neither a surplus nor a shortage; equals
In the figure above, if the market for jackets were perfectly competitive, in long-run equilibrium, each firm would sell ________ jackets per day at ________ per jacket
A) 132; $122 B) 100; $130 C) 100; $80 D) 128; $114
Increasing GDP generally causes increases in problems of waste disposal
a. True b. False Indicate whether the statement is true or false
Under a pure gold standard,
A) exchange rates float most of the time. B) money is worth more than under other systems. C) nations must buy and sell gold to settle international obligations. D) there is no inflationary pressure.