When the price of tablet devices decreased in the 2010s, there was an increase in the demand for computing apps because tablet devices and computing apps are
A) substitute goods.
B) capital goods.
C) inferior goods.
D) complementary goods.
Answer: D
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When the percentage change in the quantity demanded equals the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
Checks are NOT money because they
A) are issued by banks, not by the government. B) are merely instructions to transfer money. C) have value in exchange but little intrinsic value. D) are not backed by either gold or silver.
An externality can be a cost or benefit arising from the production of a good that falls upon
A) consumers but not producers. B) producers but not consumers. C) both the consumer and the producer. D) someone other than the consumer or producer.
The usual shape for a labor supply curve is
a. horizontal b. vertical c. dependent on the particular industry d. downward sloping e. upward sloping