Assume that compact discs and compact disc players are complements. When the price of compact disc players decreases:
A) the demand for compact discs increases.
B) the demand for compact discs decreases.
C) the supply of compact discs increases.
D) the supply of compact discs decreases.
Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit:
A) there will be an excess demand for the product.
B) there will be an excess supply of the product.
C) the quantity supplied of the product will be greater than the quantity demanded of that product.
D) both there will be an excess supply of the product and the quantity supplied of the product will be greater than the quantity demanded of that product.
Relative to hotdogs, hotdog buns are considered:
A) complements.
B) substitutes.
C) inputs.
D) luxury goods.