Whenever the price of Good A decreases, the demand for Good B increases. Good A and B appear to be:
a. complements.
b. substitutes

Economic profit equals accounting profit minus implicit costs

a. True b. False Indicate whether the statement is true or false

Suppose there are 100 firms in a market and all are identical. Firm A will hire 20 workers when the wage rate is $10, 25 workers when the wage rate is $9, and 30 workers when the wage rate is $8. The equilibrium wage rate for a number of years has been

$9. If the wage rate falls to $8, we know that A) the quantity demanded for the market will increase to 3,000 workers. B) the quantity demanded for the market will increase to more than 3,000 workers. C) the quantity demanded for the market will increase to less than 3,000 workers. D) the quantity demanded for the market will increase, but we can't tell which of the above answers is correct.