All categories

2 years ago

A substitute good is one that_________.

Business

1 answer:

melamori03 [73]2 years ago

3 0

Answer:

e. can be used in place of another good, fulfilling the same basic purpose

Explanation:

Substitute goods are products used in place of another when it becomes unavailable or beyond cost and even for other reasons. Such products are however only recognized as substitute products where it fulfills the basic purpose as the other.

For example, a person may choose to make a trip by train rather than by bus. The basic purpose of the bus is to get the person to a desired destination and where the train is used in place of the bus to get the person to the desired destination.

As such, the train is a substitute to the bus.

Hence the right option is e. can be used in place of another good, fulfilling the same basic purpose

You might be interested in

Which of the following would an economist classify as capital? Group of answer choices lawyer's computer. $50 bill. 100 shares o

snow_tiger [21]

Answer:

lawyer's computer.

Explanation:

For the economist a stock is capital that can earn income or good that person holds and can sold for a particular price.

In this case the lawyer's computer is a good that the lawyer owns and can be exchanged for money. Also the lawyer can use the computer to help treat court cases thereby earning income.

8 0

2 years ago

If national unemployment is at 15% the government should adopt ___ fiscal policy.

san4es73 [151]

Answer:

c. expansionary.

Explanation:

the goal of expansionary fiscal policy is to reduce unemployment. therefore the tools would be an increase in government spending and/or a decrease in taxes.

3 0

2 years ago

Which would most likely shift the aggregate supply curve? a change in the prices of select one:

Delicious77 [7]

The product that would most likely shift the aggregate supply curve is the domestic products. The answer is letter A. The aggregate supply curve shows a relationship that is inverse between the price level and the quantity of real Gross Domestic Product (GDP) purchased. This is because it will increase the future demand.

4 0

2 years ago

You operate a car detailing business with a fixed amount of machinery (capital), but you have recently altered the number of wo

NemiM [27]

Answer:

1.5 cars

Explanation:

Three employees can produce a total of:

= 4 × 3

= 12 cars in an hour.

Five employees can produce a total of:

= 3 × 5

= 15 cars in an hour

So, the increase in total product of labor as I increase the labor from 3 to 5 employees:

= Total product when 5 employees are hired - Total products when 3 employees are hired

= 15 - 12

= 3 cars.

So, the marginal product of moving from 3 to 5 workers:

= 3 ÷ 2

= 1.5 cars

3 0

2 years ago

When there few close substitutes available for a good, demand tends to be

e-lub [12.9K]

B. relatively inelastic

8 0

2 years ago