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Author Question: An economist has conducted extensive research and has found that Jones Cola is a substitute for ... (Read 37 times)

stephzh

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on: Jun 30, 2018
An economist has conducted extensive research and has found that Jones Cola is a substitute for Tucker Cola. Ceteris paribus, the price of Jones Cola increases. The impact on the demand curve for Tucker Cola is a(n):
 a. increase in demand. b. decrease in demand.
  c. increase in quantity demanded. d. decrease in quantity demanded.

Question 2

Assuming that beef and chicken are substitutes, an increase in the price of beef, other things being equal, will:
 a. increase the demand for chicken. b. decrease the demand for chicken.
  c. not change the demand for chicken. d. decrease the demand for beef.


reversalruiz

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

a


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