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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 97 times)

Mr3Hunna

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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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Answer to Question 1

b

Answer to Question 2

b




Mr3Hunna

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Reply 2 on: Jun 30, 2018
:D TYSM


cdmart10

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

 

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