Suppose that when the price of pickles decreases, Teddy increases his purchase of ketchup. To Teddy,
A) pickles and ketchup and substitutes.
B) pickles and ketchup are normal goods.
C) pickles and ketchup are complements.
D) pickles are a normal good and ketchup is an inferior good.
C
Economics
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A normative statement is
A) about what ought to be. B) about what is. C) always true. D) one that does not use marginal concepts.
Economics
Converting corn into ethanol is most profitable when there is/are:
a. High ethanol prices and low corn prices b. Low ethanol prices and low corn prices c. Low ethanol prices and high corn prices d. When the amount of ethanol produced approaches the limits of the amount required in production of gasoline blended with 10% ethanol (the current "blend wall") e. Restricted expansion of ethanol production capacity
Economics