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In economics, what term describes two goods whose demand tends to rise together because they are used together?
Answer
Complementary goods
In economics, what effect makes a product more attractive because its higher price signals status?
Answer
Veblen effect
In economics, what type of demand changes by the same percentage as a product’s price?
Answer
Unitary elastic demand
In economics, what is a market situation called when sellers offer more than buyers want at the current price?
Answer
Surplus
In economics, what is a good called when demand rises as its price rises under a rare theoretical condition?
Answer
Giffen good
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Latest trivia questions
In economics, what type of demand changes by the same percentage as a product’s price?
Answer
Unitary elastic demand
What type of price ceiling is set below the market equilibrium price?
Answer
Binding price ceiling
What is the extra satisfaction from consuming one additional unit of a good called?
Answer
Marginal utility
What 1973 event caused major oil price increases after OPEC members restricted oil exports?
Answer
1973 oil crisis