When _____, the Threat of a Substitute Good Is _____

question 75

Multiple Choice

When _____, the threat of a substitute good is _____.

• A) the price of a substitute good is high; high
• B) the degree of production differentiation is low; low
• C) a product has network externalities; high
• D) the cost is high for a customer to switch products, low

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Definitions:

Ronald Reagan

The United States' 40th commander-in-chief from 1981 to 1989, famous for his right-wing policies and contributing to the conclusion of the Cold War.

Liberal Democrat

A member of a political party or ideology that combines liberal policies on social issues with democratic principles.

Federal Deficit

The annual shortfall where the government's expenditures exceed its revenues, contributing to the national debt.