Why is market definition important for economic decision making? ...

[renzo156]

Why is market definition important for economic decision making?
 
  A) A firm is interested in knowing its actual and potential competitors.
  B) A firm will define its market in order to maximize revenue.
  C) Government regulators are interested in knowing the effect of mergers and acquisitions on competition and prices in a particular market.
  D) both A and C
  E) both A and B

Question 2

Based on Figure 3.2, it can be inferred that:
 
  A) Alvin does not consider good X as good.
  B) Alvin will never purchase any of good Y.
  C) Alvin regards good X and good Y as perfect substitutes.
  D) Alvin regards good X and good Y as perfect complements.
  E) none of the above

[Ddddd]

Answer to Question 1

D

Answer to Question 2

D

[renzo156]

Thanks for the timely response, appreciate it

[kishoreddi]

YES! Correct, THANKS for helping me on my review