The primary economic explanation as to why a world-renowned architect cannot attain the "superstar" status that an athlete or actor can attain is that
a. architects' services are not as highly valued by society as are the services of athletes and actors.
b. only physically attractive people can become superstars, and it would be a coincidence if a highly talented architect were also physically attractive.
c. government regulations place restrictions on the incomes of architects, but there are no such restrictions on the incomes of athletes or actors.
d. it is impossible, currently, for an architect to supply his or her services at low cost to every customer.
d
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If the demand curve for product B shifts to the right as the price of product A declines, then:
A. A is a superior good and B is an inferior good. B. both A and B are inferior goods. C. A is an inferior good and B is a superior (or "normal") good. D. A and B are complementary goods.
A change in all of the following variables will change the market demand for a product except
A) the price of the product. B) tastes. C) income. D) population and demographics.
Suppose A and B are complementary goods. Other things being equal, the demand curve for A will shift to the right when the price of B goes up
a. True b. False Indicate whether the statement is true or false
Many in Congress expect that future Social Security tax collections will fall short of the sum that will be needed to cover promised benefits. How can it cover this shortfall, and what are the problems associated with these solutions?