If peanut butter and jelly are complements, but peanut butter and tuna fish are substitutes,
a. an increase in the price of peanut butter will increase the demand for jelly.
b. an increase in the price of peanut butter will decrease the demand for jelly.
c. an increase in the price of peanut butter will decrease the demand for tuna fish.
d. a decrease in the price of peanut butter will increase the demand for tuna fish.
d
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Under what circumstances are the marginal expenditure for an input and the average expenditure always equal? Where there is a
A) competitive buyer. B) competitive seller. C) monopoly buyer. D) monopoly seller.
Consider the accompanying figure representing the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour.
Prior to the imposition of the minimum wage, worker surplus is ________ per day, and after the imposition of the minimum wage, worker surplus is ________ per day.
A. $9,000; $5,000 B. $18,000; $2,000 C. $18,000; $14,000 D. $9,000; $1,000
Suppose when the price of calculators is $18, the quantity demanded is 90, and when the price is $22, the quantity demanded drops to 70. Using the mid-point method, the price elasticity of demand is:
A. -25 B. - 1.25 C. - 20 percent D. - 25 percent
________: the assumption that all other factors that might affect demand are held constant during the time period
Fill in the blank(s) with correct word