Explain the difference between substitutes and complements
What will be an ideal response?
Substitutes are goods and services that can be used for the same purpose. Complements are goods and services that are used together.
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Long-run equilibrium under monopolistic competition requires that
a. the demand curve intersect the average cost curve. b. the demand curve be tangent to the average cost curve. c. price be equal to marginal cost. d. quantity produced be at the point where average cost is at a minimum.
Which of the following explains the impact of the expansion of international trade on the demand for less skilled workers in the United States?
A. An increase in international trade has increased the demand for less skilled workers. B. An increase in international trade has decreased the demand for less skilled workers. C. An increase in international trade has had little impact on the demand for less skilled workers. D. The impact of the expansion of international trade on the demand for less skilled workers in the United States varies from year to year.