I think I'm right. Can you please check and explain why? As the price of good X rises as a result of a decrease in supply, the demand for good Y falls. Therefore, goods X and Y areO a. substitutes for one another.O b. inferior goods.O c. complements to one another.d. normal goods.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
There are TWO goods in this market for which, an increase in the price of one (Good X) leads to an increase in the demand for the other (Good Y). Thus both goods are called: O a. The substitute goods O b. An inferior goods O c. The complements goods O d. The normal goods
Explains it correctly
If the cross elasticity of demand is -2: O a. The products are substitutes O b. The products are complements O c. The good is normal O d. The good is inferior
Suppose that an increase in the price of X goods, leads to a decrease in the demand of good Y This would mean that X and Y are: Select one: O a. substitute goods O b. complementary goods O c. None of the answers are correct O d. normal goods.
If the price of coffee increases, then: Select one: O A. Demand for coffee substitutes will increase. B. Demand for coffee substitutes will decrease OC. Demand for coffee will decrease. O D. Quantity demanded coffee will increase.
XED
There is a negative relationship between the price of fuel and quantity demanded for cars, as these two goods are O a. Substitute goods O b. Normal goods Oc Complementary goods O d. Inferior goods Which of the following factors cause a contraction in quantity demanded for a commodity? O a. A rise in the price of the commodity O b. A decrease in the price of complementary goods Oc An increase in the price of its substitutes O d. An increase in the taste and preferences of the consumer for the commodity
The cross-price elasticity of demand for rice relative to potatoes is 0.4. Select one or more: O a. This implies that rice and potatoes are complements b. This implies that rice is an inferior good O c. This implies that rice and potatoes are substitute goods O d. This implies that potatoes are a normal good
If butter and margarine are substitutes, an increase in the price of butter causes: Select one: O a. quantity demanded of margarine to fall and the demand curve for butter to shift toward the origin O b. quantity demanded of butter remains constant, but the demand for margarine decreases O c. the demand curve for both butter and margarine shift O d. decrease in quantity demanded for butter and an outward shift of the demand curve for margarine
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As the price of good X rises as a result of a decrease in supply, the demand for good Y falls. Therefore, goods X and Y are a. substitutes for one another. b. inferior goods. O c. complements to one another. d. normal goods.