A substitute is a good or service:
a. that can be used in place of another good or service.
b. used with another good or service.
c. that cannot be replaced with another good or service.
d. that can have no demand for itself.
a. that can be used in place of another good or service.
A substitute is a good or service that can be used in place of another good or service.
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The winners curse is more often associated with;
a. oral auctions b. second-price auctions c. first-price sealed bid auctions d. common value auctions
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect
a. no change in his total revenues b. everyone to begin buying his product c. a complete loss of revenues d. a new demand curve e. a relative increase in income
Is discount lending used to keep banks from failing? Explain.
What will be an ideal response?
How is the most-valued or optimal point on the production possibilities curve determined?
Please provide the best answer for the statement.