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Author Question: Assume that coffee and tea are substitutes. When the price of coffee increases A) the supply of ... (Read 220 times)

karateprodigy

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on: Jun 30, 2018
Assume that coffee and tea are substitutes. When the price of coffee increases
 
  A) the supply of tea increases. B) the demand for tea decreases.
  C) the demand for tea increases. D) the supply of tea decreases.

Question 2

If a significant portion of firms in the economy does not immediately adjust product prices, then the short-run aggregate supply curve
 
  A) slopes downward. B) slopes upward. C) is horizontal. D) is vertical.
Macroeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 7th Edition
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Dinolord

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

C

Answer to Question 2

C


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