If two goods are substitutes, what happens if there is a decrease in the price of one good? Question 20 options: It increases the quantity demanded of the other good. It reduces the quantity demanded of the other good. It increases the demand for the other good. It reduces the demand for the other good.

Q: 1. Suppose coffee and cream are complements. How would an increase in the price of cream affect the…

A: If coffee and cream are complement goods, it means that consumer consumes both the goods together in…

Q: Jiffy peanut butter and Smucker's Strawberry jam are considered to be complementary goods.…

A: Goods are tangible or physical products that are produced, manufactured, or acquired for the purpose…

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: Which of the following leads to a rightward shift of the demand curve?     Responses A an…

A: The demand curve depicts the inverse relationship between price and quantity demanded of goods,…

Q: QUESTION 14 If two goods are substitutes, then a(n) A increase in the demand for one of them will…

A: Substitute goods are goods that satisfy a similar need or desire. For example, butter and margarine…

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: Owen saw that the price of peaches had gone down, and so he decided to buy more peaches. Based on…

A: The correct answer is:B) Owen's quantity demanded for peaches has increased.Here's why:The passage…

Q: Question 2 Explain why the demand curve’s slope gets flatter as more (identical) consumers are…

A: As In a market there are many buyers. Hence for a given market price, they have their individual…

Q: Consider a company that decreases the price of their product by 50% and finds that quantity demanded…

A: Elasticity of demand measures how much the quantity demanded responds to the changes in the price of…

Q: What are the potential effects in the market for automobiles if consumers experience a decrease in…

A: The potential effects for automobiles in the market when the consumer's income is reduced, will…

Q: Suppose when a person’s income increases, his or her demand for mac and cheese decreases. What is…

A: There exists a positive relation between income of a consumer and demand for normal good. There…

Q: If the price of hot dogs were to decrease, which of the following changes would we expect to occur…

A: Complement goods: The complement goods are those goods that are consumed together and a single…

Q: A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its…

A: # The consumer will work accordingly to the law of demand which means if price falls then the demand…

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: Which of the following will NOT cause a shift in the demand curve? a) a decrease in the price b)…

A: The demand curve D is the downward sloping graphical representing the association between price and…

Q: Good A (an inferior good) and Good B (a normal good) are viewed by consumers to be substitute…

A: The answer is - (Option B) Decrease in both equilibrium price and quantity

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: When The price of good X falls then the demand for Good Y rise.  State where Good X and Good Y are…

A: # substitute goods are those goods which can be used on place of each other and on the other hand…

Q: "Question 1" (True or False) Answer the following questions and state your brief explanation. i. If…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Which of the following will cause the demand curve for a good to shift to the right?   Question 50…

A: When factors impacting demand, other than the price of the commodity, shifts the demand curve. The…

Q: If a price decrease leads to a decrease in consumer expenditure on the good, then demand must be…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: uestion Four In the market for kenkey (NORMAL GOOD), consumers’ income has decreased. In that same…

A: When the consumer income decreases, it decreases the demand for normal good and the demand curve…

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: the question(s) that follow. SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and…

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

Q: Consider two goods: butter and orange marmalade. If the price of orange marmalade increases from $2…

A: Given:

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: Question Three In the market for Corn kenkey (INFERIOR GOOD), consumers’ income has decreased. In…

A: Here, it is given that Corn Kenkey is an inferior good and there is a change in consumer income as…

Q: buys 80 units of the good at a price of 20 per unit. How many units will the consumer buy when price…

A:

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: Plastic and steel are substitutes in the production of body panels for certain automobiles. If the…

A: Step 1: Step 2: Step 3: Step 4:

Q: ON 9 9. Imagine a small bakery that produces two types of bread: Whole Wheat Bread (Good A) and…

A: Demand:Demand  is the desire of an individual ability and willingness to pay for a product. The…

Q: Agree or disagree, the price of coffe rices,causing the demand for sugar to decrease. Therefore, the…

A: The market demand for a commodity shifts as a result of a change in consumers income, their tastes,…

Q: Q.2.2 Butter and margarine are substitutes in consumption. Explain how a decrease in the price of…

A: The goods which can be used in place of each other to satisfy a want are substitute goods and the…

Q: Suppose that milk and cereal are consumer complements. Following a decrease in the price of milk,…

A: The complementary goods refer to those goods that are used together as the consumption of one good…

Q: Consider the demand for ground beef. If the price of a substitute good (for example, turkey)…

A:

Q: Consider the number of options you had to quench your thirst at the various locations. What do you…

A: Here we will use the concept of price elasticity of demand, which refers to the percentage in…

Q: Suppose that an increase in the price of X goods, leads to a decrease in the demand of good Y This…

A: Suppose there are two goods X and Y, increase in the price of X leads to a decrease in demand for…

Q: decrease in the price of a good will   Question 17 options:   a)  decrease quantity supplied.   b)…

A: The supply curve depicts the positive relationship between price and quantity supplied, keeping…