Price change to cause no substitution-income or toal effect

Assignment Help Business Economics

Reference no: EM13735962

1. It is impossible for a price change to cause no substitution, income, or toal effects. If you believe the statement is false, sketch a graph demonstrating how a price change could cause no substitution, income, or total effects.

True or false

2. A large pharmaceutical company invents a very small device that can be implanted in people with diabetes to provide time-released amounts of insulin. A patent for this invention will set up a temporary oligopoly for the company.

True or false

3. It is impossible for a price change to cause no substitution, income, or total effects. Could you sketch a graph demonstrating if it is false?

True or false

Reference no: EM13735962

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