If a bottle of soda and bottled juice are substitutes, when the price of soda rises
A. demand for bottled juice falls.
B. quantity of bottled juice demanded falls.
C. quantity of bottled juice demanded rises.
D. demand for bottled juice rises.
Answer: D
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A total cost curve shows the largest amount of a product a firm can produce with a minimum cost.
Answer the following statement true (T) or false (F)
Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, consumer surplus will
A) fall by $200. B) fall by $300. C) remain the same. D) rise by $200. E) rise by $300.
What branches of the government play a role in enacting the federal budget?
What will be an ideal response?
Which of the following is an example of mechanism design?
A. health insurance with zero co-pays B. an employer pays all sales people a fixed salary C. reduced prices on bulk purchases D. welfare reform that limits the amount of time a person can collect benefits