Mary decreases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes.
B) Good X and Good Y are complements.
C) Good X is an inferior good.
D) Good Y is an inferior good.
A
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If the price of film increases, the demand for film processing would decrease; moreover, the equilibrium price and quantity of film processing should also decrease
a. True b. False
A regional lobster management board recently proposed a five-year moratorium on lobster fishing in the Atlantic waters south of Cape Cod based on a study of the lobster population. Which of the following statements is not correct?
a. Lobsters are rival but not excludable. b. The lobster population is an example of the tragedy of the commons. c. Reducing the quota on the number of lobsters any fisher can catch would have a protective effect on the lobster population. d. If left unregulated, the lobster population will likely increase.