Do you agree or disagree with each of the following statements? Briefly explain your answers and illustrate each with supply and demand curves. An econ instructor purchases 5 new pairs of Calvin Klein jeans after seeing a post on Kim Kardashian’s Instagram lauding the quality of them. This is a change in quantity demanded. A shift in demand causes the price of a good to fall. The shift must have been a decrease in demand. The price of good A falls. This causes an increase in the price of good B. Therefore, goods A and B are complements.
Do you agree or disagree with each of the following statements? Briefly explain your answers and illustrate each with supply and demand curves. An econ instructor purchases 5 new pairs of Calvin Klein jeans after seeing a post on Kim Kardashian’s Instagram lauding the quality of them. This is a change in quantity demanded. A shift in demand causes the price of a good to fall. The shift must have been a decrease in demand. The price of good A falls. This causes an increase in the price of good B. Therefore, goods A and B are complements.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- Do you agree or disagree with each of the following statements? Briefly explain your answers and illustrate each with
supply and demand curves.
- An econ instructor purchases 5 new pairs of Calvin Klein jeans after seeing a post on Kim Kardashian’s Instagram lauding the quality of them. This is a change in quantity demanded.
- A shift in demand causes the price of a good to fall. The shift must have been a decrease in demand.
- The price of good A falls. This causes an increase in the price of good B. Therefore, goods A and B are complements.
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