Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect
A) the quantity of good Y demanded to increase and the demand for good X to increase also.
B) an increase in the demand for good X and a decrease in the quantity of good Y demanded.
C) an increase in the quantity demanded of good Y and a decrease in the demand for good X.
D) an increase in the demand for both good X and good Y.
C
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What will be an ideal response?
When the price of a good is high, selling the good is profitable, and so the quantity supplied is large
a. True b. False Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)