TRUE OR FALSE 1. IF A CUSTOMER EXPECTS A GOODS PRICE TO BE HIGHER IN THE FUTURE THERE WILL BE A HIGHER DEMAND FOR THE GOOD NOW 2.A SURPLUD OCCURS IF FLOOR PRICE IS BELOW EQUILIBRIUM PRICE. 3. TWO GOODS ARE SUBSTITUTES IF AN INCREASE IN THE PRICE OF THE FIRST GOOD CAUSES AN INCREASE IN SUPPLY OF THE SECOND GOOD 4.A DECREASE IN INCOMEWOULD CAUSE A BUYER TO CONSUMER MORE INFERIOR GOODS

TRUE OR FALSE 1. IF A CUSTOMER EXPECTS A GOODS PRICE TO BE HIGHER IN THE FUTURE THERE WILL BE A HIGHER DEMAND FOR THE GOOD NOW 2.A SURPLUD OCCURS IF FLOOR PRICE IS BELOW EQUILIBRIUM PRICE. 3. TWO GOODS ARE SUBSTITUTES IF AN INCREASE IN THE PRICE OF THE FIRST GOOD CAUSES AN INCREASE IN SUPPLY OF THE SECOND GOOD 4.A DECREASE IN INCOMEWOULD CAUSE A BUYER TO CONSUMER MORE INFERIOR GOODS

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.4: The Precision Tree Add-in

Problem 9P

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