For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. Digital camera and memory card
b. 7Up and Mountain Dew
c. Swimsuits and flip-flops
d. Tylenol and cat food
e. Photocopier and paper
a. Complements
b. Substitutes
c. Complements
d. Unrelated
e. Complements
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Andy can't make a deal with Danny. Andy has a Alex Rodriguez baseball card and would like to trade it to Danny for Danny's Albert Pujols card, but Danny doesn't want a Alex Rodriquez card
Andy's problem illustrates the drawback to a barter system known as A) the specialization problem. B) the double coincidence of wants problem. C) the many prices problem. D) the transactions problem.
Producer surplus is measured as the area
A. below the demand curve and above the market price. B. below the supply curve and above the market price. C. above the supply curve and below the market price. D. above the demand curve and below the market price.