Consumers perceive several goods to be homogeneous
Course:- Business Economics
Reference No.:- EM13795665

Assignment Help >> Business Economics

If consumers perceive several goods to be homogeneous, they believe the goods to be,

a perfect complements

b perfect substitutes

c of poor quality

d inelastic with respect to price

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
The utility function of a consumer is u(x, y) = x0.5 + y0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of
What determines the composition of national output? In some cases, we say that there is "consumer sovereignty." meaning that consumers decide how to spend their incomes on the
"The problem with our democratic institutions is that they dont correctly reflect the will of the people! If the people rather than self-interested politicians or lobbyists- h
Analyze the business cycle. What are the determinants of aggregate demand? Examine changes in aggregate demand and aggregate supply, using the data from Step 1 and Step 2. How
An electronics plant's production function is Q = 5LK, where Q is its output rate, L is the amount of labor it uses per period, and K is the amount of capital it uses per peri
Students at Java U have the option of purchasing coffee either at Joe’s stand or Moe’s stand. The stands are located only 10 feet from each other, the coffee is equivalent, th
A cable company spends on average $600 to acquire a customer. Annual maintenance costs per customer is $45; record-keeping and billing costs are $30 per customer per annum. Pr
A designated amount of time and money to account for parts of the project that cannot be predicted such as major disruptions in the project caused by a hurricane. This is know