As the price of good A rises, the demand for good B rises. Therefore, goods A and B are
A) normal goods.
B) inferior goods.
C) substitutes.
D) complements.
E) none of the above
C
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Suppose the monopolist only sold the goods separately. What price will the monopolist charge for Good 2 to maximize revenues for good 2?
a. $2,300 b. $2,800 c. $1,200 d. $1,700
If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired b. increase the demand for labor, and the union will accept lower wages or fewer workers hired c. decrease the demand for labor, and the union will demand higher wages or more workers hired d. increase the demand for labor, and the union will demand higher wages or more workers hired e. not affect the demand for labor, wages, or workers hired