Substitution of one commodity for another depends on all of the following factors, EXCEPT:
a. prices of the goods available to the consumers.
b. tastes and preferences of the buyers.
c. the information buyers possess.
d. market protocols.
D
Economics
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A goal of equality of income can be justified based on the utilitarian idea that _____
a. individuals face diminishing marginal utility of income b. social welfare functions are convex to the origin c. rich people have more than they every could need d. redistribution does not lead to an increased excess burden of taxation
Economics
An increase in demand and a decrease in supply cause which of the following?
a. Equilibrium price change is indeterminate. b. Equilibrium quantity decreases. c. Equilibrium price falls. d. Equilibrium price rises. e. Equilibrium quantity increases.
Economics