1. Which of the following pairsare not considered to be complementarygoods? Group of answer choices steel and...
Question:
1.
Which of the following pairsare not considered to be complementarygoods?
Group of answer choices
steel and cars
digital cameras and memory card
gasoline and motor oil
fertilizer and irrigation systems
2.
Which of the following would most likely increase the demand forgasoline?
Group of answer choices
the expectation by consumers that gasoline prices will be higherin the future
the expectation by consumers that gasoline prices will be lowerin the future
a decrease in the price of gasoline
an increase in the price of gasoline
3.
When economists describe "a market," they mean a
Group of answer choices
place where stocks and bonds are traded.
communication network that allows individuals to keep in touchwith each other.
hypothetical place where the production of goods and servicestakes place.
system that allows buyers and sellers to interact with oneanother.
4.
In order to derive a market demand curve from individuals’demand curves, we add up the
Group of answer choices
various individuals’ quantities demanded at each pricelevel.
various prices that each buyer is willing and able to pay.
incomes of all buyers, assuming that their tastes remainconstant.
total number of buyers in the market at each time period.
5.
Tom enjoys Diet Coke, but his enjoyment decreases after eachbottle he consumes, and he is willing to pay less for the nextbottle. This is an illustration of
Group of answer choices
consumer sovereignty.
the income effect.
the substitution effect.
diminishing marginal utility.
5.
Steve went to his favorite hamburger restaurant with $3,expecting to buy a $2 hamburger and a $1 soda. When he arrived hediscovered that hamburgers were on sale for $1 each, so Stevebought two hamburgers and a soda. Steve’s response to the decreasein the price of hamburgers is best explained by
Group of answer choices
the substitution effect.
the income effect.
the price effect.
a rightward shift in the demand curve for hamburgers.
Expert Answer:
The detailed answer for the above question is provided below Q1 The correct answer is a Steel and cars are not considered to be complementary goods Co... View the full answer
