Dan Owns One of the Many Bakeries in New York

question 40

Multiple Choice

Dan owns one of the many bakeries in New York City.Which of the following events will lead to an increase in Dan's demand for the services of bakers?

• A) (i)and (ii)
• B) (ii)and (iii)
• C) (i)and (iii)
• D) All of the above are correct.

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Definitions:

Barriers To Entry

Obstacles that make it difficult to enter a particular market, such as high start-up costs, access to technology, or strict regulations.

Dynamic Process

A process characterized by constant change, activity, or progress.

Dollar Votes

The concept in economics that consumers "vote" for products and services they desire through the expenditure of their money.

Homogeneous Product

A product that is identical in quality and specifications no matter its source, making it indistinguishable across producers.