Fluctuating Prices Tend to Confuse Consumers,so Prices Should Be Government

question 77

True/False

Fluctuating prices tend to confuse consumers,so prices should be government controlled whenever possible

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Definitions:

Inferior Goods

Products whose demand decreases as the income of the consumer increases, contrasting with normal goods.

Substitute Goods

Products or services that can be used in place of one another, satisfying similar needs or desires.

Complementary Goods

are products or services that are used together, where the use or consumption of one increases the demand for the other.

Close-Substitute

A good or service that can easily replace another in satisfying consumer needs, with very little change in consumption patterns.