Which of the following will not cause the demand for product K to change?
A. A change in consumer tastes
B. An increase in consumer incomes
C. A change in the price of K
D. A change in the price of close-substitute product J
Answer: C
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Using a production possibilities curve, economic growth is represented by
A) an inward shift of the curve. B) an outward shift in the curve. C) a movement along the curve. D) a pivot of the curve.
One benefit of monopolistic competition over perfect competition is
A) economic profit. B) product variety. C) excess capacity. D) efficiency.
In contrast to a perfectly competitive firm, a monopolist earns:
a. negative economic profit in the long run. b. zero economic profit in the long run. c. positive economic profit in the long run. d. positive economic profit in the short run.
Economists believe that people's wants are
a. limited by their incomes b. insatiable c. scarce d. mostly irrational e. mostly psychological