An economist has conducted extensive research and has found that Jones Cola is a substitute for Tucker Cola. Ceteris paribus, the price of Jones Cola increases. The impact on the demand curve for Tucker Cola is a(n):
a. increase in demand. b. decrease in demand.
c. increase in quantity demanded. d. decrease in quantity demanded.
Question 2
Assuming that beef and chicken are substitutes, an increase in the price of beef, other things being equal, will:
a. increase the demand for chicken. b. decrease the demand for chicken.
c. not change the demand for chicken. d. decrease the demand for beef.
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