Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: Joe goes to the grocery store to buy steak. He expects that he will be spending $5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for
about a year. However, to Joe’s surprise, the grocery store has begun selling a generic store brand of the same cut of steak for $3.99 per pound. Joe decides that to save the $2.00 per pound he will try to store brand steak. Based on the information provided above, which of following terms bests describes the scenario that occurred?
A: oe goes to the grocery store to buy steak. He expects that he will be spending $5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. [ However, to Joes surprise, the grocery store has begun selling a generic store brand of the same cut of steak for $3.99 per pound. Joe decides that to save the $2.00 per pound he will try
to store brand steak. Based on the information provided above, The term that bests describes the scenario that occurred was - - SUBSTITUTION EFFECT ]
Get an answer
Original conversation
User: If the supply of a good is inelastic,

User: The market price of a slice of pizza has risen from $1.50 to $2.00. Based on the Market Supply Curve in Figure 5.4,the average pizzeria would respond by _________.

User: Joe goes to the grocery store to buy steak. He expects that he will be spending $5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. However, to Joe’s surprise, the grocery store has begun selling a generic store brand of the same cut of steak for $3.99 per pound. Joe decides that to save the $2.00 per pound he will try to store brand steak. Based on the information provided above, which of following terms bests describes the scenario that occurred?

Weegy: oe goes to the grocery store to buy steak. He expects that he will be spending $5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. [ However, to Joes surprise, the grocery store has begun selling a generic store brand of the same cut of steak for $3.99 per pound. Joe decides that to save the $2.00 per pound he will try to store brand steak. Based on the information provided above, The term that bests describes the scenario that occurred was - - SUBSTITUTION EFFECT ]
Expert answered|yumdrea|Points 1214|



Question
Asked 9/16/2013 7:45:29 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
27,013,244 questions answered
*
Get answers from Weegy and a team of really smart lives experts.
S
L
Points 256 [Total 274] Ratings 0 Comments 186 Invitations 7 Offline
S
L
R
Points 145 [Total 296] Ratings 1 Comments 5 Invitations 13 Offline
S
L
Points 130 [Total 130] Ratings 0 Comments 130 Invitations 0 Offline
S
R
L
R
P
R
P
R
Points 66 [Total 734] Ratings 0 Comments 6 Invitations 6 Offline
S
1
L
L
P
R
P
L
P
P
R
P
R
P
R
P
P
Points 62 [Total 13329] Ratings 0 Comments 62 Invitations 0 Offline
S
L
1
R
Points 34 [Total 1450] Ratings 2 Comments 14 Invitations 0 Offline
S
L
Points 10 [Total 187] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 13] Ratings 0 Comments 10 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.