The increase in the demand for widgets, shown in the figure above, is the result of an increase in the price of McBoover devices. Therefore
A) widgets and McBoover devices are substitutes.
B) widgets and McBoover devices are complements.
C) widgets are a normal good.
D) McBoover devices are a normal good.
A
Economics
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All of the following will cause the aggregate supply curve to shift to the right EXCEPT
A) discoveries of raw materials. B) a reduction in input prices. C) an increase in marginal tax rates. D) a reduction in international trade barriers.
Economics
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be:
a. $25. b. $2,500. c. $5,000. d. $7,500.
Economics