Two goods are complements if a decrease in the price of one good A) decreases the quantity demanded of the other good. B) decreases the demand for the other good. C) increases the quantity demanded of the other good. D) increases the demand for the other good.
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Two goods are complements if a decrease in the
A) decreases the quantity demanded of the other good.
B) decreases the demand for the other good.
C) increases the quantity demanded of the other good.
D) increases the demand for the other good.
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- A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its demand? Give two reasonsSuppose that after your income increases, you consume less fast food. This means: Fast food is considered an inferior good. Coke and Pepsi are substitutes. Coke and fried chicken are complements. None of the above.Identify the two goods which are substitutes. Good X and Good Y It is not possible to distinguish any relationship among the goods. Good Y and Good Z Good X and Good Z
- X is an inferior good. If there is an increase in incomes, then ["quantity supplied", "quantity demanded", "supply", "demand"] for good X will ["increase", "decrease"]. This will cause the equilibrium price to ["increase", "decrease"] and quantity to ["increase", "decrease"]Complementary goods are goods that are closely related. Choose the example below that best describes complementary goods. Sally planned to eat lunch at McDonald's, but it was closed. She decided to go to Wendy's for lunch instead. Tom went to the store to buy groceries. He had cherry soda on his list, but he decided to buy lemon-lime soda instead. The lemon-lime soda was on sale, so it was a better deal. In the spring, the demand for tennis rackets goes up. This causes the potential demand of tennis balls to also go up. December is the most popular month of the year to bake cookies. This causes the demand for butter to go up and the cost of margarine to go down.What is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.
- When demand increases, consumers buy more of the good only if its price falls. consumers are willing to buy more at any price. the price is lower at any level of quantity demanded. the demand curve shifts leftward. consumers buy more of the good only if its price rises.The income of consumer has got increased and the consumer's demand for good X has also increased. What type of good is good X?How are Price of X (Px) and quantity demand (Qd)related?
- The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular price.B) independent of the price of the good.C) independent of consumers' buying plans.D) always equal to the equilibrium quantity.Good A (an inferior good) and Good B (a normal good) are viewed by consumers to be substitute products. Suppose that the price of Good B falls at the same time that consumer income increases. What is the net effect of these two events on equilibrium in the market for Good A? an increase in equilibrium quantity and an indeterminate effect on price a decrease in both the equilibrium price and quantity an indeterminate effect on quantity but an increase in price an increase in both the equilibrium price and quantityWill an increase in the price of a complementary good outwardly shift the demand curve?
