Two products are perfect complements if:
A. a consumer is willing to swap one for another at a fixed rate.
B. they are valuable only when used together in fixed proportions.
C. their indifference curves are straight lines.
D. they lie on the same indifference curve.
B. they are valuable only when used together in fixed proportions.
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Assuming wages are indexed to inflation, if prices rose by 1.4 percent this month and your last month's wage was $1,000, your wage this month would be $1,014
a. True b. False Indicate whether the statement is true or false
In a competitive price-taker market, the actions of any single buyer or seller will
a. have a negligible impact on the market price. b. have little effect on overall production but will ultimately change final product price. c. cause a noticeable change in overall production and a change in final product price. d. adversely affect the profitability of more than one firm in the market.