Suppose that when the price of oranges decreases, Sarita decreases her purchases of peaches. To Sarita
A) oranges and peaches are normal goods. B) oranges and peaches are substitutes.
C) oranges and peaches are complements. D) oranges and peaches are inferior goods.
B
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Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 4 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged. B) rise to 5 cents per page. C) fall to 2 cents per page. D) fall to 1 cent per page.
Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad. B) Only the owner knows about her car defects. C) Bobby let his employer know about his college degree. D) Sally provides her driving record to the car insurance company.