A decrease in the price of a substitute shifts the demand curve to the _______
a. right
b. left
c. it does not change the demand curve
d. none of the above
b
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The price elasticity of a horizontal demand curve is always
A. infinitely large. B. zero. C. one. D. increasing as price increases.
What is causing South Africa’s youth unemployment problem?
a. Inability to devalue its currency b. High number of laws restricting hiring and firing c. High current account deficit d. Youth lack necessary work skills.
The time that elapses between the implementation of a policy and its intended result is referred to as
A) the action time lag.
B) the recognition time lag.
C) the effect time lag.
D) the data lag.
The competitive dimension of monopolistic competition is that
A. Each firm in the industry will lose all of its customers if it raises its price. B. Low barriers to entry tend to push economic profits toward zero. C. High barriers to entry tend to push economic profits toward zero. D. Consumers view each firm's products as interchangeable.