A consumer will buy a new product rather than an existing product
A) when the MU/P of the new product is less than the MU/P of the existing product.
B) when the substitution of the new product for the old product increases the consumer's total utility.
C) only if the new product has a lower price than the existing product.
D) only if the MU of the new product exceeds the MU of the existing product.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A consumer will buy a new product rather than an existing product A) when the MU/P of the new product is less than the MU/P of the existing ...” 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
Let's assume that the old clunker you have been driving needs $500 in repairs in order to pass an annual car inspection. You are considering buying a new car, and you contact car dealers and banks to determine the best deal you can get on a car loan.
Answers (1)
Why should small business owners understand the concept of contract modification and settlement of disputed and undisputed debts?
Answers (1)
A monopolist firm faces a demand with constant elasticity of negative 2.6-2.6. It has a constant marginal cost of $2020 per unit and sets a price to maximize profit.
Answers (1)
Explain at least one potential implication for the genetic diagnosis of traits such as intelligence and criminality.
Answers (1)
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answers (1)
New Questions in Business
The Vice-President of ACME Corporation, an NYSE listed firm, places an order to buy 10,000 shares of ACME common at the market. 3 months later, ACME stock's price has increased by 20% and the officer places an order to sell.
Answers (1)
A useful economic model a. deals only with possibilities that actually occurred. b. will avoid conclusions that have public policy implications, because economists do not make value judgments. c. makes only realistic assumptions. d.
Answers (1)
How does a change in a country's real exchange rate affect its net exports? (A) When a country's real exchange rate appreciates , it imports less and exports more , causing its net exports to fall.
Answers (1)
Select all the strategies you can use to manage risks. 1. buy health insurance 2. provide your personal information to others 3. have an emergency fund 4. have a warranty 5. become informed 6. carry lots of cash
Answers (1)
From an information-processing approach, the memory process has three major steps. what is the correct order of this process, beginning with the first component?
Answers (1)