Which of the following is FALSE?
a. To reduce cannibalization among products, make the products more homogenous
b. After acquiring a substitute product, raise prices on both the products
c. After acquiring a complementary product, lower prices on both the products
d. All of the above
a
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A Giffen good is a good for which
a. a decrease in the price decreases the quantity demanded. b. the substitution effect outweighs the income effect. c. an increase in the price decreases the quantity demanded. d. Both a) and b) are correct.
A nation that devotes more of its resources to the production of capital goods is likely to:
A. Cause its production possibilities curve to shift outward B. Cause its production possibilities curve to shift inward C. Increase the slope of its production possibilities curve D. Decrease the slope of its production possibilities curve