Which of the following will not cause a change in the demand for a product?
a. a change in consumer income
b. a change in consumer preferences
c. a change in the price of the product
d. a change in the price of a substitute product
c
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GDP handles household production by
A) estimating a dollar value of the goods purchased to do housework. B) ignoring it. C) including it in real GDP but not in nominal GDP because there are no prices paid for the work. D) estimating a dollar value of the services provided. E) including it in exactly the same way that all other production is included.
Once a monopoly has determined how much it produces, it will charge a price that
A) is determined by the intersection of the marginal cost and average total cost curves. B) minimizes marginal cost. C) is determined by its demand curve. D) is independent of the amount produced. E) is equal to its average total cost.
The market for toothpaste is a good example of perfect competition
a. True b. False Indicate whether the statement is true or false
Perfectly competitive firms sell homogeneous products.
Answer the following statement true (T) or false (F)