Author Question: If you are considering buying either an Apple Watch or a Samsung Gear S2, and you choose the Samsung ... (Read 48 times)

wrbasek0 · **on:** Jun 29, 2018

If you are considering buying either an Apple Watch or a Samsung Gear S2, and you choose the Samsung only because the price is lower, then you consider

A) the Apple Watch and the Samsung Gear S2 to be substitutes.
B) the Apple Watch and the Samsung Gear S2 to be complements.
C) the Apple Watch to be a normal good and the Samsung Gear S2 to be an inferior good.
D) the Apple Watch to be an inferior good and Samsung Gear S2 to be a normal good.

Question 2

The basic economic problem of scarcity

A) is a problem only in developing economies.
B) does not apply to the wealthy in society.
C) has always existed and will continue to exist.
D) will eventually disappear as technology continues to advance.