If butter is a substitute for margarine, then an increase in the price of butter would be most likely to cause:
a. a rightward shift of demand for margarine.
b. a leftward shift of demand for margarine.
c. the quantity demanded for margarine to increase.
d. the quantity demanded for margarine to decline.
e. a decline in the price of margarine.
a
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If Atlantis has an open economy, then it:
A. does not trade with other countries B. has a democratically elected government C. trades with other countries D. allows imports but not exports.
Refer to the scenario above. The total value in your account, at the end of a year, is equal to:
A) $520. B) $525. C) $550.50. D) $572.
In the figure above, the deadweight loss when the market is a single-price monopoly rather than perfectly competitive is the area of
A) triangle aeb. B) triangle aic. C) triangle eig. D) triangle eif.
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
a. monopoly. b. cartel. c. kinked demand industry. d. price-leadership industry.