You lose your job and as a result your demand for steak falls. This implies that you consider steaks to be a
a. Complementary good
b. Normal good
c. Inferior good
d. Substitute good
b
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In 2009, Congress passed tax laws to reduce income tax rates for some taxpayers. This action is called
A) a discretionary fiscal policy. B) a discretionary revenue policy. C) an automatic fiscal policy. D) an annual tax policy. E) induced tax policy.
The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market
Indicate whether the statement is true or false
All else equal, as the capital stock increases, the marginal product of capital will
A) increase at an increasing rate. B) increase at a decreasing rate. C) decrease at an increasing rate. D) decrease at a decreasing rate.
Total variable cost divided by output is average variable cost.
Answer the following statement true (T) or false (F)