According to your text, there are substitutes for any scarce good,
A) but some demand curves are vertical.
B) but the elasticity of demand for most goods is zero.
C) but the law of demand only holds for inexpensive goods.
D) but it often takes time for consumers to seek out useful substitutes.
D
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In a perfectly competitive market, a permanent increase in demand initially brings a higher price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
When output increases from Q1 and the price level decreases from P1, this change will:
Refer to the graph above.
A. Be caused by a shift in the aggregate supply curve from AS1 to AS2
B. Be caused by a shift in the aggregate supply curve from AS1 to AS3
C. Result in a movement along the aggregate demand curve from e1 to e2
D. Result in a movement along the aggregate demand curve from e3 to e1