Which of the following pairs of goods has a negative cross-price elasticity?
A) Pens and paper notebooks
B) Nokia and Samsung cell phones
C) Compact Disks (CDs) and electronic music files
D) Motorcycles and typewriters
A
You might also like to view...
What can the Federal Reserve do to reduce the natural rate of unemployment?
A) nothing B) follow expansionary monetary policy that will reduce inflation C) follow expansionary monetary policy that will increase inflation D) follow contractionary monetary policy that will increase inflation
In the Heckscher-Ohlin model, what assumption is made about opportunity costs?
What will be an ideal response?
A price taker is
A) a firm that accepts different prices from different customers. B) a consumer who accepts different prices from different firms. C) a perfectly competitive firm. D) a firm that cannot influence the market price. E) both C and D
The level of real GDP in the long run is called
A) potential GDP. B) short-run GDP. C) frictional GDP. D) low-capacity GDP.