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Author Question: Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market ... (Read 94 times)

Mr3Hunna

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on: Jun 30, 2018
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?
 a. Equilibrium price and quantity both decline.
 b. Equilibrium price and quantity both rise.
 c. Equilibrium price declines, and equilibrium quantity rises.
  d. Equilibrium price rises, and equilibrium quantity falls.

Question 2

A decrease in demand with the supply held constant leads to:
 a. an increased equilibrium price and an increased equilibrium quantity.
  b. a decreased equilibrium price and a decreased equilibrium quantity.
  c. a decreased equilibrium price and an increased equilibrium quantity.
  d. an increased equilibrium price and a decreased equilibrium quantity.


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T4T

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

b

Answer to Question 2

b


Mr3Hunna

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

jordangronback

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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