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Author Question: The demand for petroleum decreases after its prices rise drastically. Customers begin to buy natural ... (Read 132 times)

geodog55

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on: Jul 6, 2018
The demand for petroleum decreases after its prices rise drastically. Customers begin to buy natural gas as it satisfactorily serves the same purpose as petroleum does. Petroleum and natural gas are ________.
 
  A) complements
  B) substitutes
  C) demerit goods
  D) independent goods
  E) experience goods

Question 2

________ refers to a market in which many similar firms compete and some firms have the ability to differentiate their products from competitors.


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cloudre37

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Reply #1 on: Jul 6, 2018
Answer to Question 1

B

Answer to Question 2



geodog55

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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