To determine whether two goods are substitutes or complements, an economist would estimate the:

The cross elasticity between two goods, X and Y, is positive. From this, we can conclude that goods X and Y are:

The use of a price system eliminates:     

The price of a good will fall if:

Which of the following is true for the law of supply?

Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?

Exhibit 5-9 Supply and Demand Curves for Good X ​ In Exhibit 5-9, assume the government places a $200 per unit sales tax on Good X. The percentage of the burden of taxation paid by consumers of Good X is:

When a reduction in the price of a good allows a consumer to purchase more of all goods, this effect is called the:

In Exhibit 3-11, in Panel B the movement from point A to point C describes a(n):

Suppose ABC Corporation is willing to sell 100 shirts when the price is $10 and 200 shirts when the price is $15, but XYZ Inc is willing to sell 500 shirts when the price is $10 and 350 shirts when the price is $15. Which of the following statements about the two companies is correct?