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 andsupply.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 supply of ice cream cones.increase the price of ice cream cones.A normal good is defined as a good for which demand increasesas the income of consumers increases.as its own price decreases.as the price of close substitutes decreases.as the total number of consumers increases.An improvement in technology will cause:he supply to increase.the supply to decrease.the demand to increase.the demand to decrease.

“Since you have posted multiple questions, we will provide the solution only to the first question…

Answered: If good A and good B are substitutes…

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.

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

What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.
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 increases the demand for a good or service? A) a rise in the price of a complement B) a rise in the price of the good or service C) a rise in the price of a substitute good or service D) a fall in the price of the good or service
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
Consider the market for pizza in Starkville. Which of the following will shift the demand curve for pizza to the right? Group of answer choices The departure of college students, as they leave for summer vacation An increase in the price of Coke, a complement to pizza A decrease in the price of pizza An increase in the price of hamburgers, a substitute for pizza
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.
Which of the following must be true if good X is a normal good and income increases? Group of answer choices The demand for X will increase, and thus the price and quantity sold and bought willincrease. The demand for X will decrease, and thus the price and quantity sold and bought willdecrease. The demand for X will increase, and thus the price and quantity sold and bought willdecrease. The demand for X will decrease, and thus the price and quantity sold and bought willincrease.
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.
Explain why each of the following statements is false: If beer and wine are substitutes, an increase in the price of beer will increase both the demand and supply of wine. An increase in the price of Pepsi would increase the quantity demanded of Coke but not the demand for Coke. An increase in income causes an increase in demand for all goods.
If two goods are substitutes, a decline in the price of one will cause an increase in the demand for the other. A.True B.False