For goods and services that are perfect substitutes, the consumer's indifference curves are ________ lines.
A) straight, negatively sloped
B) L-shaped
C) negatively sloped, bowed-outward
D) negatively sloped, bowed-inward
Question 2
Redbox rents DVDs for 1 per day via self-service kiosks located across the United States. The CFO of Redbox wants to identify how responsive consumers are to an increase or decrease in the daily price of a rental.
The economic concept the CFO wants to understand is A) price elasticity of demand.
B) elasticity of supply.
C) changes in demand.
D) changes in supply.
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