A newly industrialized country is

a. the same as a high-income country.
b. any country that has experienced sustained growth in industry.
c. a special classification given to some upper-middle income countries that have achieved relatively advanced manufacturing sectors

Refer to the scenario above. Suppose you decide to buy a Toyota Corolla. You value the car for $10,000. You don't know it, but the car dealer values it for $8,500. What is the minimum price that the seller would accept for the car?

A) $8,500 B) $7,000 C) $10,000 D) $5,000

Complementary goods

a. are usually used in conjunction with each other b. are usually used in place of one another c. do not adhere to the law of demand d. are goods whose demand rises as incomes rise e. are goods whose demand falls as wealth falls