At higher income level, ___ demand for inferior goods
Less
The other two answers are correct
Higher
An example of two ___ goods are butter and margarine
The other two answers are correct
Substitutes
Complementary
The ___ takes place when there is a change in the relationship between quantity and price that is brought about by a change in any of the factors that influence demand except price
The other answers are correct
Shifting of the demand curve
Movement along the demand curve
The demand curve usually slopes downward with the theoretical exception of ___ goods
Veblen
Giffen
The other answers are correct
In the situation of Giffen good, there are no cheaper and closer substitutes available. Due to the lack of substitutes, the ___ effect dominates, guiding people to buy more of the good, even if its price increases
The other two answers are correct
Substitution
Income
The determinants of individual ___ are: the price of the product, the cost of the production factors, the availability of the production factors, the quantity of goods produced and the expectations or objectives of the companies
Supply
The other two answers are correct
Demand
If, in response to a 10% increase in the price of a good, the quantity supplied increases by 20%, the elasticity of supply would be ___
2
1
0.5
The determinants of ___ are: the existence of raw materials available for the production process, the duration of the production process, the underused capacity, the ease of resources to move within the industry and the storage capacity of the companies
Supply
Price elasticity of supply
The other answers are correct
Where the labor supply curve has ___ elasticity, the income effect is greater than the substitution effect
Positive
The other answers are correct
Negative
Any oversupply would lead to ___ prices
Cuts
Increases
None ot the other answers is correct
___ demand is the phenomenon that happens when supply pulls consumption
Derivative
Induced
The other answers are correct
In perfect competition, in the ___ term, we could make the given output at a lower cost or we could make more output at the given cost
Long
Short
The other answers are correct
In perfect competition, in the long term, the arrival of new companies or the expansion of existing ones in the market causes the demand curve of each company to shift ___
Upwards
The other answers are correct
Downwards
In perfect competition, the objective of companies is to sell when ___, where they generate the maximum profit
Marginal cost meets marginal revenue
Marginal cost meets average cost
Average cost meets marginal revenue
Where there is a monopoly, a decrease in the production level results in a ___ price
The other answers are correct
Higher
Lower
A ___ is an horizontal integration of companies located in the same sector of activity
The other answers are correct
Cartel
Trust
An acquisition is ___ if the target company to be absorbed isn't willing to be bought or the Board of Directors of the company to be absorbed has no prior knowledge of the offer
The other answers are correct
Friendly
Hostile
___ monopoly happens when, due to the economies of scale of a particular industry, the maximum efficiency of production and distribution is realized through a single supplier
A natural
An artificial
A pure
In a ___, prize and output will be determined by non-economic forces such as the bargaining power of both buyer and seller
The other answers are correct
Bilateral monopoly
Duopoly
The supply and demand of a product determine an equilibrium ___, and at this one the companies freely decide the quantity they are going to produce
The other answers are correct
Demand
Price
Land was sometimes defined in ___ economy as the "original and indestructible power of the soil"
The other answers are correct
Classical
Neoclassical
If marginal revenue is ___than the marginal cost of a firm, then the firm will employ the worker
Lower
Higher
The other answers are correct
The ___ market is a global financial market for short-term loans