Solved

A Firm Produces and Sells Two Goods, a and B

question 3

Multiple Choice

A firm produces and sells two goods, A and B. Good A is known to have many close substitutes; good B makes up a significant portion of most families' budgets. From these facts, we would expect that the demand for Good A would be _, while that of Good B would be .

Definitions:

Endorser

Signature on the back of the check of the payee.

Endorsement

An act of giving one's public approval or support to someone or something, often used in contexts of advertisements or political backing.

Deposit Slip

A document provided by a bank for a depositor to fill out, designed to accompany bank deposits, detailing the items being deposited.

Currency

Any form of money; the name given to the cash we use in our society.