If the price of a substitute increases, which of the following is most likely to happen in the market for the product under consideration in the short run?
a. Supply will increase.
b. Firms will leave the market.
c. Firms will devote more variable inputs in the production of this good.
d. Firms will devote less variable inputs in the production of this good.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If the price of a substitute increases, which of the following is most likely to happen in the market for the product under consideration ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Your brother has just purchased a new plastic model airplane. he places all the parts on the table in approximately the positions in which they will be located when the model is complete. his actions are analogous to which process in development
Answers (1)
According to "The Great Non-Debate over International Sweatshops" by Ian Maitland, an export oriented policy is vital in countries that are starting on the industrialization path and have large surpluses of cheap labor. (A) True (B) False
Answers (1)
Explain how unions gained the right to collective bargaining
Answers (1)
Forensic Scientists are part of the career pathway known as Correction Services. Security and Protective Services. Legal Services. Law Enforcement Services.
Answers (1)
1. Why might social business be especially useful for global companies?2. What were some of the benefits that IBM social tools can provide for businesses like the fictitious Greenwell Couture?3.
Answers (1)
New Questions in Business
You have graduated from college and, after working hard for ten years, have scraped enough money together to make a down payment on a forty-acre farm within driving distance to the small city where you work in Colorado.
Answers (1)
A company that formerly produced music cds went out of business because too many potential customers bought illegally-produced copies of the cds instead of buying the product directly from the company. this instance serves as an example of a.
Answers (1)
A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an estimated useful life of 40 years.
Answers (1)
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,800 lbs.
Answers (1)
During the 1800s, there was an increase in nationalism among European countries, and many people advocated for countries being set up along ethnic or linguistic lines.
Answers (1)