A substitute is a good - A substitute is a good A that can...

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A substitute is a good A) that can be used in place of another good. B) that is not used in place of another good. C) of lower quality than another good. D) of higher quality than another good. Answer: A
People buy more of good 1 when the price of good 2 rises. These goods are
Which of the following pairs of goods are most likely substitutes?
The demand for a good increases when the price of a substitute ____ and also increases when the price of a complement ____.
A complement is a good A) of lower quality than another good. B) used in conjunction with another good. C) used instead of another good. D) of higher quality than another good. Answer: B
Suppose people buy more of good 1 when the price of good 2 falls. These goods are
As the opportunity cost of a good decreases, people buy
People come to expect that the price of a gallon of gasoline will rise next week. As a result,
The demand curve for a normal good shifts left-ward if income ____ or the expected future price ____. A) decreases; falls B) decreases; rises C) increases; falls D) increases; rises Answer: A
If income increases or the price of a complementfalls,
If income decreases or the price of a complement rises,
A consumer might consider in-line skates and elbow-pads to be
A decrease in the price of a game of bowling shifts the A) demand curve for bowling balls leftward. B) demand curve for bowling balls rightward. C) supply curve of bowling balls leftward. D) supply curve of bowling balls rightward.

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