If the income elasticity of demand is -0.5, the goods are:
A) Complements
B) Substitutes
C) Inferior
D) Normal
Correct Answer:
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Q7: Macroeconomics is the:
A) "Big picture" view of
Q8: Major factor(s) that cause the demand curve
Q9: If the price elasticity of demand is
Q10: If the cross price elasticity of demand
Q12: What is not a factor of production?
A)
Q13: Economics is defined as the study of
Q14: An implicit cost involves payments to suppliers
Q15: A shortage occurs when a firm charges
Q16: If demand is price elastic, total revenue
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