Which of the Following Pairs of Goods Are Most Likely

question 7

Multiple Choice

Which of the following pairs of goods are most likely substitutes?

• A) DVDs and DVD players
• B) cola and lemon lime soda
• C) lettuce and salad dressing
• D) peanut butter and gasoline

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

International Trade

The exchange of goods, services, and capital among various countries and territories, crossing their international borders.

Absolute Advantage

The ability of a country, individual, or group to produce a good or service more efficiently than competitors, using fewer resources.

Microchips

Small semiconductor devices that contain electrical circuits capable of processing data or controlling devices and processes.