Mary decreases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes.
B) Good X and Good Y are complements.
C) Good X is an inferior good.
D) Good Y is an inferior good.
A
You might also like to view...
Which of the following is not an argument that has been made to explain high unemployment among teenagers?
A. A lack of job experience B. Limited education C. A minimum-wage requirement higher than their marginal revenue products D. Backward bending supply curves
How international immobility of resources is compensated by international flow of goods
What will be an ideal response?
A patent is an exclusive right to produce and sell a product for how long?
(A) 30 years (B) 40 years (C) 15 years (D) 20 years
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.