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- Cinnamon Toast Crunch cereal and Trix cereal are considered substitute goods. Because of this, one would predict that, holding all else constant, if the price of Cinnamon Toast Crunch cereal increases, we would seeHow does an increase in the price of gasoline affect the demand for car rentals, assuming all other factors remain constant?Because consumers purchase either Coke or Pepsi, economists call these “inferior” goods. Select one: True False
- what does it mean when we say price changes? in economicsLet the demand for Petrol be: Pd=100-18Qd and the supply for petrol be, Ps=20+2Qs Calculate the equilibrum price and quantity of petrol. a) Quantity= -7.5; Price= 5 b)Quantity= 4; Price= 28 c)Quantity= 6; Price= 32 d)Quantity= 5; Price= 30An increase in the price of good B caused an increase in the demand for good C. This indicates that