If the price of a substitute to good X increases, then A) the demand for good X will increase. B) the market price of good X will decrease. C) the demand for good X will decrease. D) the demand for good X will not change

If the price of a substitute to good X increases, then A) the demand for good X will increase. B) the market price of good X will decrease. C) the demand for good X will decrease. D) the demand for good X will not change

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

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

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

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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Question

If the price of a substitute to good X increases, then

A) the demand for good X will increase.
B) the market price of good X will decrease.
C) the demand for good X will decrease.
D) the demand for good X will not change

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The task I am struggling with. Thank you.
An increase in the price of good X will mostly cause what kind of change? a shift of the demand curve a shift of the supply curve a movement along the same demand curve a movement along the same supply curve either a movement along the same demand or supply curve either a shift of the demand or supply curve
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