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 31 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
Excellent

triiciiaa

  • Member
  • Posts: 349
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

The five overlapping phases of the nursing process. Each phase depends on the accuracy of the other The five overlapping phases of the nursing process. Each phase depends on the accuracy of the other
Good computer skills are now required to be a successful member of an office staff. Good computer skills are now required to be a successful member of an office staff.
Kneeling on one knee to keep good alignment when massaging the arms and hands. Kneeling on one knee to keep good alignment when massaging the arms and hands.
Growth in the demand for oil from the developing world Growth in the demand for oil from the developing world
Almonds and other nuts are also good sources of protein Almonds and other nuts are also good sources of protein
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: Photosynthesis and Van Helmont Experiment

For a complete list of videos, visit our video library