In which statement is the term "demand used correctly? (1) An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper). (2) An increase in the price of aluminum will lead to a decrease in quantity demanded of aluminum. OA. neither statement OB. the first statement only OC. the second statement only OD. both statements OE. more information is needed

In which statement is the term "demand used correctly? (1) An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper). (2) An increase in the price of aluminum will lead to a decrease in quantity demanded of aluminum. OA. neither statement OB. the first statement only OC. the second statement only OD. both statements OE. more information is needed

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In general, a commodity that has greater importance would result to Select one: a. Elastic b. neither c. inelastic d. Unit elastic
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