Which of the following is false?
a. Products with close substitutes have elastic demand
b. Demand for individual brand is less elastic than industry aggregate demand
c. Products with many complements have less elastic demand
d. In the long run, demand curves become more elastic
b
Economics
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Mary decreases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes. B) Good X and Good Y are complements. C) Good X is an inferior good. D) Good Y is an inferior good.
Economics
In the long run, a typical perfectly competitive firm will produce at the minimum point of its long-run average total cost curve and the minimum point of its short-run average total cost curve
a. True b. False
Economics