Suppose that, following a decrease in the supply of good X, we observe that the price of good Y increases. If no other curves have shifted, which of the following can we infer? O A. None of the above. O B. Good X is an inferior good. O C. Goods X and Y are complements. O D. Goods X and Y are substitutes.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...
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Suppose that, following a decrease in the supply of good X, we observe that the price of goodY
increases. If no other curves have shifted, which of the following can we infer?
O A. None of the above.
O B. Good X is an inferior good.
O C. Goods X and Y are complements.
O D. Goods X and Y are substitutes.
Transcribed Image Text:Time left 1:08:43 Suppose that, following a decrease in the supply of good X, we observe that the price of goodY increases. If no other curves have shifted, which of the following can we infer? O A. None of the above. O B. Good X is an inferior good. O C. Goods X and Y are complements. O D. Goods X and Y are substitutes.
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