Question
Consider two goods, R and S. When the price of good R rises, the demand for good S increases. It can therefore be concluded that
Consider two goods, R and S. When the price of good R rises, the demand for good S increases. It can therefore be concluded that both goods are:
a.perfectly elastic in demand.
b.complements in production for each other (in joint supply).
c.substitutes in consumption for each other.
d.complements in consumption for each other.
Which of the following is a question answered with positive economic analysis?
a.Should the college reduce tuition for out-of-state residents?
b.Should the college charge higher tuition for part-time students?
c.If the college increased its eligibility requirements for enrollment, will class sizes decline?
d.Should the college eliminate its athletic program to cut its costs?
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