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Author Question: Assume that the demand curve for a certain good is a vertical line. This vertical demand curve ... (Read 38 times)

Starlight

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on: Jun 30, 2018
Assume that the demand curve for a certain good is a vertical line. This vertical demand curve illustrates the idea that:
 a. consumers are unwilling to pay more than a certain price for the good.
  b. the good is a complement to another good.
  c. consumers are unwilling to pay less than a certain price for the good.
  d. there are many substitutes for this good.
  e. people will not change the quantity demanded of the good when its price is changed.

Question 2

When people alter their preferences when a choice is presented in a certain way, it is called:
 a. anchoring
 b. framing
 c. the endowment effect
  d. compartmentalizing


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nathang24

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Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

b


Starlight

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

mcarey591

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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