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which of these statements best represents the law of demand?
a. When buyers' tastes for a good increase, they purchase more of the good
b. When income levels increase, buyers purchase more of most goods.
c. When the price of the good decreases, buyers purchase more of the good.
d. When buyers' demands for good increases, the price of the good increases.
which of these statements best represents the law of demand?
a. When buyers' tastes for a good increase, they purchase more of the good
b. When income levels increase, buyers purchase more of most goods.
c. When the price of the good decreases, buyers purchase more of the good.
d. When buyers' demands for good increases, the price of the good increases.
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Divya SinghLv10
7 Oct 2020
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Question 20
Buyers are more likely to be powerful relative to the firms from which they purchase goods and services if:
there are relatively few firms supplying the industry compared to the number of buyers. |
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the good or service purchased by the buyers represents a negligible percentage of the buyer's costs. |
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the industry's goods or services are standardized or undifferentiated. |
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buyers face high switching costs in changing vendors. |
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the good or service is of significant importance to the quality or price of the buyer's offerings. |