Goods X and Y are substitutegoods. If the demand for good Xincreases, the price of good Xwilland cause a(n).inthe demand for good Y. Theprice for good Y will furtherthe demand for good X,while theprice for good Xwill furtherthe demand forgood Y.

Detailed explanation: In economics, substitute goods are known to be those products that can be…

Answered: Goods X and Y are substitute goods. If…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

which of the following does not directly influence the demand for a good? the size of the population consumer preferences the cost of producing the good average consumer income
A and B are Substitute goods. Explain the effect of rise in price of A on the Demand for B.
A decrease in both the equilibrium price and the equilibrium quantity of pasta is best explained by an: increase in the expected future price of pasta. increase in the cost of producing pasta. decrease in income if pasta is an inferior good. decrease in the price of rice if pasta and rice are substitutes.
The nature of demand indicates that as the price of a good increases: suppliers wish to sell less of it. more of it is produced. more of it is desired. buyers desire to purchase less of it.
Which of the following is not a factor that could cause a shift in the demand curve for a certain good? Group of answer choices an increase in the price of a complement a change in the price of that good a change in income an increase in popularity of the good
Can i get help with this one?
If a strong economic recovery boosts average incomes, what would happen to the equilibrium price and quantity of a normal good and of an inferior good? The equilibrium price and quantity of a normal good would rise; those of an inferior good would fall. of a normal good would fall; those of an inferior good would rise. of a normal good would rise; those of an inferior good would also rise. of a normal good would fall; those of an inferior good would also fall.
The law of supply states that there is a positive relationship between the price of a good and the quantity supplied (supply curves representing the price and quantity demanded). From a business owners standpoint, if I was wanting to sell more of a good, I would want to lower the price. This doesnt make sense to me. In my head more quantity should mean lower price.
When quantity demanded decreases in response to a change in price for the good: the demand curve shifts to the left. there is a movement up and to the left along the demand curve. there is a movement down and to the right along the demand curve. the demand curve shifts to the right.
The business cycle describes the change in the standard of living across countries the behavior of GNP over time. the behavior of real GDP over time. the behavior of nominal GDP over time. the change in potential GDP over time.
If the demand for a good decreases, the demand for the factors used to produce the good: None of the above answers is correct. decreases. could increase, decrease, or stay the same depending on whether the demand for the good is elastic, inelastic, or unit elastic. increases. stays the same.
If good A and good B are substitutes and the price of good A decreases, the demand for good B will: not change. decrease. increase. become nonexistent. If good J and good Z are complements and the price of good J increases, the demand curve for good Z will: shift to the left. become horizontal. not change. shift to the right. What happens to equilibrium price when simultaneously demand increases and supply decreases? Equilibrium price will increase. Equilibrium price will decrease. Equilibrium price will remain the same. Equilibrium price may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and supply. A rightward shift of the entire supply curve, is an increase in supply. might be due to a positive change in technology. might be due to a decrease in the cost of labor. all of the choices are correct. An increase in the price of ice cream is likely to: increase the demand for ice cream cones. decrease the demand for ice cream cones. increase the…

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Goods X and Y are substitute goods. If the demand for good X increases, the price of good X will and cause a(n). in the demand for good Y. The price for good Y will further the demand for good X, while the price for good X will further the demand for good Y.