Preferences can be described as
A) what a person likes and dislikes.
B) the income opportunities of several activities.
C) feasible consumption combinations.
D) the relative prices of goods and services.
A
Economics
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If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are
a. substitutes b. complements c. normal goods d. inferior goods e. none of the above
Economics
Adverse selection:
A. refers to the tendency for people with higher risk to be drawn toward insurance. B. can result in failure to complete transactions that would have been possible if both sides had the same information. C. occurs when buyers and sellers have different information about the riskiness of a situation. D. All of these statements are true.
Economics