For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. House plants and potato chips
b. Eyeglasses and contact lenses
c. Motorcycles and gasoline
d. Smartphones and smartphone apps
e. Red wine and white wine
a. Unrelated
b. Substitutes
c. Complements
d. Complements
e. Substitutes
Economics
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If marginal product is greater than average product, then
A) marginal product could either be increasing or decreasing. B) average product must be decreasing. C) marginal product must be decreasing. D) marginal product must be increasing.
Economics
In centrally planned economies, most prices are not
a. established by central planners b. inflexible c. set below the market-clearing level d. based on consumer demand e. the cause of shortages of supply
Economics