When the cross elasticity of demand is _________, the goods or services are _________.
A. zero; substitutes
B. negative; substitutes
C. positive; complements
D. positive; substitutes
D. positive; substitutes
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Jennifer consumes both apples and bread. Let Pa be the price of an apple and Pb the price of a loaf of bread. TUa is her total utility from apples and TUb is her total utility from bread
MUa is her marginal utility from apples and MUb is her marginal utility from bread. When Jennifer is in consumer equilibrium A) MUa/TUa = MUb/TUb. B) MUa/Pb = MUb/Pa. C) MUa/Pa = MUb/Pb. D) TUa/Pb = TUb/Pb.
Refer to Figure 24-1. Ceteris paribus, a decrease in personal income taxes 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.
The average revenue curve can also be described as the demand curve.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 1.3 below to answer the question(s) that follow.
Figure 1.3Refer to Figure 1.3. The slope of the line between Points B and D is
A. -3. B. -0.33. C. 0.33. D. 3.