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

Q: Refer to Figure 6-8. Identify the two goods which are substitutes.             6) _______ A) Good X…

A: Substitute goods are those goods that are demanded together. Without one good, other good cannot…

Q: A decline in the price of good A causes the demand curve for good B to shift to the right.  We can…

A: The demand changes of one good related to the price changes of another good is known as the cross…

Q: What is the difference between good x as a function of price and income and good x as a function of…

A: Factors affecting demand are demand determinants. Price (P) , income(Y) , utility (U), taste and…

Q: In which case does the demand curve not shift? a. When there is a change in the price of a…

A: In a market, demand curve show two types of effects such that change in quantity demanded and change…

Q: If Cheerios and Milk are complements, consumers consume either one of these goods or the other.…

A: In economics, complement goods are those which are used jointly and can not be used separately. For…

Q: All else equal, which is steeper, the demand curve for a normal good or the demand curve for an…

A: In the case of a normal good, as income increases, the demand for the good also increases, but at a…

Q: An economist notes that demand for Brand A increases when the price of Brand B decreases. We can say…

A: Demand for a good can change due to change in price of its own good as well as change in price of…

Q: Suppose X and Y are substitutes. If the price of Y increases, the demand for X will most likely…

A: Suppose X and Y are substitutes. If the price of Y increases, the demand for X will most likely…

Q: If a good is a Normal Good and its price decreases, what are the directions of the Substitution…

A: Answer- (A)   That is both increases

Q: Explain the difference between (i) a normal good and an inferior good (ii) complements and…

A: ***Since the student has posted multiple questions, hence, the expert is required to solve only the…

Q: What term is used to describe goods that can replace each other to some extent, so that a rise in…

A: Substitute goods: 2 goods X and Y are substitutes if price of good X and demand for good Y are…

Q: What is the effect of a decrease in the price of potato chips on the market for pretzels, a…

A: Two goods are said to be complementary when they are used together.Two goods are said to be…

Q: Suppose Pepsi and coke are substitutes. A fall in the price of Pepsi will cause

A: Related goods are of two types:-substitute goods and complements. Substitutes goods are those goods…

Q: The price of cake falls and as a result the demand for ice cream increases. What can we conclude?…

A: As the price of the cake falls makes the demand for ice cream increases, therefore both goods are…

Q: Which of the following shifts a demand curve to the right? The price of the good in question goes…

A: Demand is defined as the seizure backed by the ability and willingness of an individual to buy…

Q: If a good is an "inferior good", then people feel inferior when they buy it people buy less of this…

A: Inferior goods refer to those goods which demand decreases due to rise in individual income and…

Q: Raphael consumes only cheese and crackers. True or False: Cheese and crackers can both be inferior…

A: Inferior good refers to a good whose demand decreases as income of the consumer increases. Both…

Q: If the quantity demanded of good X decreases, then: *

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: If two goods are substitutes, what happens if there is a decrease in the price of one good?…

A: Substitute goods are known or considered to be as those goods which are alternative and which can be…

Q: a) Jim buys gingerbread and candy, both of which are normal goods. When the price of gingerbread…

A: Income effect refers to the change in the quantity of good due to change int he price of that good,…

Q: why does a substitution between goods cause a negative slope on a demand curve?

A: The demand curve is a graphical representation of the demand schedule which indicates the different…

Q: Demand curves are generally downsloping.  Using a good of your own choosing as an example, fully…

A: Demand shows the relationship between the price of the product and quantity demanded. As the price…

Q: The price of crayons has decreased and Shelly decides to buy fewer colored pencils.  Shelly's…

A: Two goods are considered substitutes in economics if they can both satisfy the same need. In the…

Q: Consider the market for Asparagus. Green beans are a substitute for Asparagus. Asparagus is a normal…

A: A normal good is a kind of economic product that experiences an increase in demand as consumer…

Q: Refer to the graph below: Quantity of Y 160 A B 11 200 X Quantity of X Why doesn't the consumer…

A: Consumer theory is important in economics because it examines how customers maximize satisfaction…

Q: Consider two goods, X and Y. If the price of Y increases and, as a consequence, the demand curve for…

A: Substitute goods: If two goods are used for the same purpose by the consumers.  Complementary goods:…

Q: Suppose the price of good Y is $18. Use the information given in the figure below to answer this…

A: The price effect is known as the effect on the quantity demanded due to the change in price. The…

Q: The Federal Open Market Committee is O comprised of the presidents of the 12 Federal Reserve banks.…

A: The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that determines…

Q: What is one consumer food or service for which in the last 10 to 15 years consumers preference has…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: John consumes 20 units of food and 24 units of clothing. If food is an inferior good, will John be…

A: Inferior good is the one whose demand declines with increase in income.

Q: f an increase in income leads to an increase in the demand for sushi, then sushi is a normal good. a…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: B D D2 The demand for a blueberries, a normal good, is srown in the graph above, A shift from B to A…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Substitutions for goods cannot always be made. Which of the following is an example of a good that…

A: The question is asking for an example of a good that cannot be substituted with another good. In…

Q: Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand…

A: Complementary goods - goods which are used together i.e. shocks right and left mobile and sim…

Q: pose two goods, X and Y, are perfect complements and U = MIN (X, Y). A consumer has $24 to spend.…

A: The perfect complements refer to goods that are used jointly in a fixed proportion to satisfy the…

Q: Tea and coffee are substitutes. If the price of coffee decreases, what happens in the market for…

A: Substitute goods are those goods that cannot be used together. For example coca cola and Pepsi. If…

Q: Two students, Nick and Sofia, are discussing normal and inferior goods. Nick says that if Frodo buys…

A: According to the question, Nick and Sofia, two students, are debating the differences between…

Q: At the beginning of the pandemic, millions of people became unemployed. Around the same time, the…

A: Based on the type of relationship between income and demand of good, goods are classified as…