Milk is a commodity is it a necessity or a luxury product., Ask an Expert

Economics

Q. Milk is a commodity is it a necessity or a luxury product.Identify the availability of its substitutes for the product.Explain how the necessity of a good and the availability of substitutes impact the elsticity of the product.

Q. Equilibrium quantity in markets characterized by oligopoly are
a. higher than in monopoly markets and higher than in perfectly competitive markets.
b. higher than in monopoly markets and lower than in perfectly competitive markets.
c. lower than in monopoly markets and higher than in perfectly competitive markets.
c. lower than in monopoly markets and lower than in perfectly competitive markets.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9278372

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