To choose: The term that best completes the given sentence.
Answer to Problem 9AA
The term that best completes the given sentence is alternate brand.
Explanation of Solution
An economic good is a commodity which has a profit (usefulness) for society. Economic products do have a degree of scarcity, and therefore a cost of opportunity. Substitutes offer alternative options to the consumer. If the rate of single product increases, then the buyer’s demand for the substitute product is likely to increase. Substitute products therefore have a high cross elasticity in the market.
Introduction: Pricing policy is an important factor in the modern economic structure. Prices represent demand and supply conditions. High prices reflect shortages, and lower prices reflect surpluses.
Chapter 7 Solutions
Economics Today and Tomorrow, Student Edition
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