A fall in the price of a competing product will produce an outward shift in the demand curve for most products.
Answer the following statement true (T) or false (F)
False
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Which of the following is NOT related to the government's political function of income redistribution?
A) providing money transfer payments B) excise tax on gasoline C) Social Security D) in-kind transfers
If short-run average total costs are rising in the oil tanker industry, it implies that economies of scale exist in that industry
a. True b. False Indicate whether the statement is true or false
If a $1,000 increase in income leads to an $800 increase in consumption expenditures, then the marginal propensity to consume is
a. 0.2 and the multiplier is 1.25. b. 0.8 and the multiplier is 5. c. 0.2 and the multiplier is 1.25. d. 0.8 and the multiplier is 8.
If the demand curve for a firm's output is P=100-2Q, the marginal revenue curve will be
A. MR=50-Q. B. MR-100-2Q. C. MR*=P*. D. MR=100-4Q.