Suppose that good X is a substitute for good Y. Then an increase in the price of good Y leads to
A. a decrease in the demand of good X.
B. an increase in the demand of good X.
C. a decrease in the supply of good X.
D. an increase in the supply of good X.
Answer: B
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Which of the following statements is true?
A) A nation's institution comprises of the rules and regulations in the nation, while a nation's culture comprises of the saving habits of its citizens. B) A nation's culture comprises of both the saving habits of its citizens and the rules and regulations in the nation. C) A nation's culture comprises of both the ongoing tax rate and the rules and regulations in the nation. D) A nation's culture comprises of the ongoing tax, while a nation's institutions comprises of the rules and regulations in the nation.
Which of the following markets most closely matches the description of perfect competition?
a. Fast-food hamburgers. b. Subcompact cars. c. Grain. d. Personal computers.