This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The quantity of a good that consumers demand depends only on the price of the good. Indicate ... (Read 75 times)

kwoodring

  • Hero Member
  • *****
  • Posts: 560
on: Jul 1, 2018
The quantity of a good that consumers demand depends only on the price of the good.
 
  Indicate whether the statement is true or false

Question 2

Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bulacsom

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. The quantity of a good demanded depends on many factors including: its own price, consumers' incomes, and the price of related goods.

Answer to Question 2

False. Demand curves slope downward assuming all other factors do not change. Consumers may view brand-name drugs to be of higher quality than store-brand drugs, and therefore the demand curve for brand-name drugs lies to the right of the demand curve for store-brand drugs.


kwoodring

  • Member
  • Posts: 560
Reply 2 on: Jul 1, 2018
Gracias!

kswal303

  • Member
  • Posts: 316
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Many electronic components are used to construct a typical vehicle computer. Notice the quantity of ... Many electronic components are used to construct a typical vehicle computer. Notice the quantity of ...
Radiation Quantity and Quality Radiation Quantity and Quality
Good alignment for sitting posture. Good alignment for sitting posture.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Draw an Edgeworth box for two consumers over two goods Draw an Edgeworth box for two consumers over two goods
A buffer solution is prepared using 0.5 moles of a weakly basic drug and an unknown quantity of ... A buffer solution is prepared using 0.5 moles of a weakly basic drug and an unknown quantity of ...
Video: Baroreceptor Reflex

For a complete list of videos, visit our video library