A government wants to reduce electricity consumption by 5%. The price elasticity of demand for electricity is -0.5. The government must ________ the price of electricity by ________.

Which of the following pairs is most likely to represent complementary goods?

a. Hotels and campgrounds. b. Butter and margarine. c. Bacon and eggs. d. Miniature golf and bowling. e. Coffee and tea.

The long-run market supply curve in a perfectly competitive market shows

a. the effects of all short-run price fluctuations b. how the market supply curve shifts in the short run in response to entry and exit of firms c. the relationship between market price and market quantity d. the relationship between average total costs and output in the long run e. the level of output produced by each firm, and how the market price affects this output level