Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curvesfor potatoes and that steak and potatoes are complements. What panel describes what happens inthis market when the price of steak rises?
Question 33________ means the supply curve has shifted to the right, while ________ refers to a movement alonga given supply curve in response to an increase in price.
Question 34Which of the following describes a characteristic of a perfectly competitive market?
2.5 out of 2.5 points2.5 out of 2.5 points