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Author Question: If an increase in the price of Product X causes an increase in the demand for Product Y, we can ... (Read 56 times)

mckennatimberlake

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on: Jun 30, 2018
If an increase in the price of Product X causes an increase in the demand for Product Y, we can conclude that:
 a. Products X and Y are complements.
  b. Products X and Y are substitutes.
 c. Products X and Y are normal goods.
  d. The price of Product Y will decrease.

Question 2

In the long run, a decrease in the price level:
 a. leaves output prices unchanged relative to input prices.
  b. decreases the profit margins of many producers.
 c. decreases RGDP supplied.
 d. Does none of the above


whitcassie

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

b

Answer to Question 2

a


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