If the demand for product R increases as the price of product S increases, then _____
a. consumer preferences for S have increased
b. R and S are not related goods
c. R and S are substitutes
d. R and S are complements
e. R is an inferior good
c
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Governments promote long-run inflation when they depend on ________ to finance their expenditures
A) issuing bonds B) taxation C) raising the national debt D) money creation E) selling off assets
Long-run elasticity of supply is defined as:
a. percentage change in quantity demanded in the long run divided by percentage change in price. b. percentage change in price divided by percentage change in quantity demanded in the long run. c. percentage change in quantity supplied in the long run divided by percentage change in price. d. percentage change in price divided by percentage change in quantity demanded in the long run.