If the Price of Potato Chips Increases, Other Things Being

question 84

Multiple Choice

If the price of potato chips increases, other things being equal, demand for potato-chip dip will:

• A) not change, only the quantity demanded will change.
• B) increase, because the goods are substitutes.
• C) decrease, because the goods are substitutes.
• D) decrease, because the goods are complements.

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Definitions:

Unions

Organizations formed by workers from related sectors to negotiate collectively with employers over wages, benefits, and working conditions.

Efficiency Wages

Above-equilibrium wages paid by firms to increase worker productivity.

Government-Run Employment Agencies

Public institutions designed to help individuals find jobs and employers to find suitable candidates, often providing additional services like career counseling and training.

Public Training Programs

Educational or vocational training initiatives funded or provided by the government to improve workforce skills.