If people demand more of product A when the price of B falls, then A and B are:
A) not related.
B) substitutes.
C) complements.
D) inferior.
Ans: C) complements.
Economics
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Production efficiency means that
A) scarcity is no longer a problem. B) producing more of one good is possible only if the production of some other good is decreased. C) as few resources as possible are being used in production. D) producing another unit of the good has no opportunity cost.
Economics
When Americans increase their demand for Japanese goods
A) the demand for dollars will rise, and the demand for yen will rise. B) the supply of dollars will rise, and the demand for yen will rise. C) the demand for dollars will fall, and the demand for yen will rise. D) the supply of dollars will fall, and the demand for yen will fall.
Economics