Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family,
A) hamburgers and hot dogs are normal goods. B) hamburgers and hot dogs are substitutes.
C) hamburgers and hot dogs are complements. D) hamburgers and hot dogs are inferior goods.
B
Economics
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Suppose the equilibrium price of bread is $2.00 per loaf. If the government sets a price ceiling of $1.50 per loaf: a. the equilibrium price of wheat will fall and a shortage of wheat will be created. b. the quantity of wheat supplied will increase
c. the quantity of wheat demanded will decrease. d. there will be a shortage of bread.
Economics
A sin tax is an example of:
A. a Pigovian tax. B. government policy increasing total surplus in a market. C. a tax that increases the efficiency of a market. D. All of these statements are true.
Economics