Two goods are complements if a A decrease in the price of one good reduces the

# Two goods are complements if a a decrease in the

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19. Two goods are complements if: a. A decrease in the price of one good reduces the quantity demanded of the other good. b. A decrease in the price of one good increases the quantity demanded of the other good. c. An increase in the price of one good reduces the quantity demanded of the other good. d. There is no such thing as complements.

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EMILY VAN HOEVE ECON 1001 C 20. Consider Fred is fixing Ben’s roof for \$450. The opportunity cost for Fred’s time is \$400. The value of a new roof to Ben is \$600. Which of the following is true? 21. What is a quota? 22. The demand schedule for all you can eat sushi is given as QD = 220 – 4P and the supply schedule as QS = 2P + 40. What is the market price and quantity of all you can eat sushi? 23. A binding price ceiling is imposed on the market for apples. At the price ceiling, what will the quantity supplied of apples be? a. Smaller than the quantity demanded b. Greater than the quantity demanded c. Equal to the quantity demanded d. The same as the market equilibrium quantity
EMILY VAN HOEVE ECON 1001 C 24. According to the graph above, which of the following is true?

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