In order to prove that Coca Cola and 7-Up are substitutes, one should test the __________ and get a __________
a. price elasticity of demand; number less than negative 1
b. income elasticity; positive number
c. cross-price elasticity; negative number
d. price elasticity of demand; number greater than negative 1
e. cross-price elasticity; positive number
E
Economics
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When a perfectly competitive firm is in long-run equilibrium:
A) its total revenues equal the sum of its total explicit and implicit costs costs. B) the firm is operating at the minimum of its LRAC curve. C) the firm is earning zero economic profit. D) All of the above.
Economics
Which of the following is likely to have the widest bid-asked spread?
A) A U.S Treasury bill B) A U.S. Treasury note C) A U.S. Treasury bond D) A municipal bond
Economics