An increase in the price of one good will have what effect on its complement? a. no effectb. increase in demandc. decrease in demandd. decrease in quantity demand

The purpose of the transportation approach for location analysis is to minimize which of the following? a. total costsb. total fixed costsc. the number of shipmentsd. total shipping costse. total variable costs

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

What role do business cycles play in a market economy