If the price of potato chips increases, other things constant, demand for potato-chip dip will:
a. not change; only quantity demanded will change.
b. increase, because the goods are substitutes.
c. decrease, because the goods are substitutes.
d. decrease, because the goods are complements.
e. increase, because the goods are complements.
d
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Refer to Figure 24-1. Ceteris paribus, an increase in the value of the domestic currency relative to foreign currencies would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Explain the purpose of the following figure
What will be an ideal response?
A cost curve drawn with years on the horizontal axis and costs per unit on the vertical axis would be a(n)
A. analytical cost curve. B. long-run cost curve. C. historical cost curve. D. theoretical cost curve.
Why do price levels increase when government adopts fiscal or monetary policy to correct the economy when it faces a recession and high unemployment?