If the quantity of soccer balls demanded is represented by the demand equation QD = 80 - 2P, then to solve for the price of soccer balls, the equation would be rewritten as
A) P = 40 - 0.5QD. B) P = 1.6QD + 80. C) P = 80 - QD. D) P = QD + 160.
Question 2
Because apples and oranges are substitutes, an increase in the price of oranges will cause the demand for apples to increase.
This initial shift in demand for apples results in a higher price for apples; this higher price will cause the demand curve for apples to shift to the right. Which of the following correctly comments on this statement?
A) The statement is false because oranges are inferior goods; apples are normal goods.
B) The statement is false because one cannot assume that apples and oranges are substitutes for all consumers.
C) The statement will be true if consumer tastes for apples and oranges do not change.
D) The statement is false because a change in the price of apples would not change the demand for apples.
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