QUESTION 13 In the 1O perspective, it is important to eater an industry with 0 a

Question

QUESTION 13 In the 1O perspective, it is important to eater an industry with 0 a. High barriers to entry O b. High buyer power O c. High supplier power O d. All of the above QUESTION 14 Nike faces a more O a. inelastic O b elastio O c. perfectly elastic O d perfectly inelastic demand for its products than a shoe polish producer QUESTION 15 ?fyour income goes up t i 2% and in response, the q anity demanded of good x falls by 3%, the good x can be considered O a. An inferior good O b. A public good O C. A normal good O d. A private good QUESTION 16 An increase in the price of a complement shifts the demand curve to the O a right O b left O c. it does not change the demand curve O d none of the above

Explanation / Answer

13. In the IO perspective, it is important to enter an industry with high barriers to entry. So the option A is correct.

14. Nike faces a more inelastic demand for its products than a shoe polish producer. So option A is correct.

15. If your income goes up by 2% and in response, the quantity demand of good x falls by 3%, the food x can be considered as an inferior good. So option A is correct.

16. An increase in price of the complement shifts the demand curve to the left. So option B is correct.

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