Although Washing Machines and Refrigerators Are Not Close Substitutes as Far

question 30

True/False

Although washing machines and refrigerators are not close substitutes as far as consumers are concerned,we can consider them to be part of the same industry because of supply-side substitutability.

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Definitions:

Draft

An initial version of a document, plan, or proposal that is subject to revision or editing.

Drawee

The party in a financial transaction, such as a check or draft, upon whom the order to pay is made; typically a bank.

Presenter's Warranties

Guarantees provided by the individual or entity presenting a document (e.g., a check or draft) indicating its authenticity and validity.

Payment

The transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a legal obligation.