The Demand Curve for a Monopolistic Competitor Slopes Downward Because

question 116

Multiple Choice

The demand curve for a monopolistic competitor slopes downward because

• A)demand drops to zero after a slight price increase.
• B)there are close but not perfect substitutes for the product.
• C)customers have no loyalty to the product.
• D)the product is undifferentiated.

Recognize the conditions necessary for a valid sub-bailment.

Identify the application of res ipsa loquitur in bailment cases.

Understand the distinction between goods and services, including examples and characteristics.

Identify the differences between durable and nondurable goods.

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Definitions:

Adapt Lifestyle

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New Technology

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