Beef and Chicken are substitute goods. What happens to the equilibrium price and quantity of chicken when the price of beef increases? O price decreases, quantity decreases O None of these answers. Oprice decreases, quantity decreases O price increases, quantity increases O price increases, quantity decreases
Beef and Chicken are substitute goods. What happens to the equilibrium price and quantity of chicken when the price of beef increases? O price decreases, quantity decreases O None of these answers. Oprice decreases, quantity decreases O price increases, quantity increases O price increases, quantity decreases
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Beef and Chicken are substitute goods. What happens to the equilibrium price and quantity of chicken when the price
of beef increases?
O price decreases, quantity decreases
None of these answers.
Oprice decreases, quantity decreases
O price increases, quantity increases
Oprice increases, quantity decreases
QUESTION 27
When the price of a good increases, the
O quantity demanded decreases
O quantity supplied decreases
quantity demanded increases
None of these answers.
demand increases
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