Brand name products tend to have demand curves that are relatively more inelastic because
A) brand name products tend to have more substitutes.
B) brand name products tend to have fewer substitutes.
C) consumers are very sensitive to the prices of brand names.
D) brand names are not valued.
B
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In a competitive market, an efficient allocation of resources is characterized by:
a. a price greater than the marginal cost of production. b. the possibility of further mutually beneficial transactions. c. the largest possible sum of consumer and producer surplus. d. a value of consumer surplus equal to that of producer surplus.
When considering the factor distribution of income, which of the following income is represented as proprietor income?
A. Interest for loans on capital. B. Rent for capital. C. Wages for workers D. Labor or capital factors that proprietors put into their businesses
The cross-price elasticity of demand measures:
A. the relationship between the demand for one good and the supply of another. B. the relationship between the demand for one good and the price of another. C. the relationship between the demand and supply of one good at the intersection of the curves. D. the elasticity of demand at the intersection of the supply and demand curves.
The Federal Deposit Insurance Corporation
A. insures the open market operations of the Fed. B. insures the deposits held by the Fed. C. insures banks against lawsuits by depositors. D. insures the deposits held in banks.