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Author Question: Plastic and steel are substitutes in the production of body panels for certain automobiles. If the ... (Read 158 times)

dakota nelson

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on: Jul 1, 2018
Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect:
 
  A) the price of steel to fall.
  B) the demand curve for steel to shift to the right.
  C) the demand curve for plastic to shift to the left.
  D) nothing to happen to steel because it is only a substitute for plastic.
  E) the demand curve for steel to shift to the left.

Question 2

The maximum price that a consumer is willing to pay for each unit bought is the ________ price.
 
  A) market
  B) reservation
  C) consumer surplus
  D) auction
  E) choke


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wilsonbho

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


dakota nelson

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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