Peanut butter and jelly are complements. If the price of peanut butter increases, the demand for jelly will increase
Indicate whether the statement is true or false
FALSE
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Which of the following statements regarding a price-taking firm is correct?
A) Demand = average revenue > marginal revenue. B) Demand = marginal revenue > average revenue. C) Demand = price = average revenue = marginal revenue. D) Demand = price > average revenue > marginal revenue.
Goods that are not rival in consumption, but are excludable are:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending
A) no B) partial C) complete D) more than complete
Input prices rise as entry occurs in an constant-cost industry.
Answer the following statement true (T) or false (F)