What is the most likely effect of the development of cell phones (many use this for time also) on the watch industry?
a. Increased price elasticity of demand for the watch industry because cell phones are complements
b. decreased price elasticity of demand for the watch industry because cell phones are complements
c. Increased price elasticity of demand for the watch industry because cell phones are substitutes
d. decreased price elasticity of demand for the watch industry because cell phones are substitutes
c
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A situation in which government intervention in the economy worsens the economic outcome is termed
a. neoclassical failure. b. socialism. c. government failure. d. dependency revolution.
Why would someone contribute money to a 501(c) group?
A. to make a contribution using someone else's name or under a false identity B. to ensure that the money is used on advertising C. so that the funds would be matched by the federal government D. to avoid having his or her name disclosed as a donor
The decreasing portion of a firm's long run average cost curve is attributable to:
A. diminishing returns to scale. B. increasing marginal cost. C. economies of scale. D. diseconomies of scale.
All of the following can be used to compute average profit except
A) marginal profit minus marginal cost. B) total profit divided by quantity. C) average revenue minus average total cost D) price minus average total cost.