he new laser vision surgery center being Harvey Optical Inc. is concerned that t
ID: 136842 • Letter: H
Question
he new laser vision surgery center being Harvey Optical Inc. is concerned that t established across the street is going to hurt his business. What economic concept would most likely explain Harvey Optical's concern? Harvey Optical is concerned that: 19. A. laser surgery is going to be considered a "substitute" good or service that will shift the B. laser surgery is going to be considered a "complementary" good that is going to decrease C. the laser center is going to be a monopoly. D. demand for eyewear will decrease because the laser surgery will be viewed as a public demand for eyewear downward. the price of eyewear and cause a shortage. good, which will drive down demand for eyewear.Explanation / Answer
Laser vision surgery is done for correcting refractive errors. But this surgery cannot be done for all patients. Some preliminary tests are done to check if the patient is fit for the surgery. Thus the need for eye wear will reduce.
Answer is option D. It cannot be option A because it can be a substitute but not done for all. It cannot be a compliment as in option B. It is not just a business, it is also a benefit for the public as in option C.
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