Two Products Are Perfect Substitutes If

question 1

Multiple Choice

Two products are perfect substitutes if:

• A) a consumer is willing to swap one for another at a fixed rate.
• B) they are valuable only when used together in fixed proportions.
• C) their indifference curves are L-shaped.
• D) an increase in the price of one good causes a decrease in the demand for the other good.

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Definitions:

Level II

A term that can refer to various stages of progress, proficiency, or achievement in different contexts, requiring further specificity to define accurately.

Authority

The power or right to command, create, change, or otherwise act. The successful leader uses both formal and informal authority to accomplish goals.

Secular Ethics

A moral philosophy that bases ethical considerations on principles and values not derived from religious beliefs, focusing on human reasoning and society's well-being.

Level III

Typically refers to a moderate or intermediate stage or level in a hierarchical scale of values, complexity, or importance.