The Demand Curve,which Assumes That Competitors Will Follow Price Decreases

question 15

Multiple Choice

The demand curve,which assumes that competitors will follow price decreases but not price increases,is called

• A)an industry demand curve.
• B)an inelastic demand curve.
• C)a kinked demand curve.
• D)a competitive demand curve.

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Definitions:

Exported

Offerings or goods conveyed from one country to another for the objective of transaction or sale.

Production Possibilities Frontier

A curve demonstrating the maximum feasible amount of two goods that can be produced with available resources and technology.

Bowed Out

A graphical representation showing increasing opportunity costs, indicating that resources are not perfectly adaptable for producing different goods.

Production Possibilities Frontier

A chart that maps out all possible maximum production outcomes for a pair of items, given certain inputs which involve resources and more.