The price of a new textbook increases from $200 to $270, while the price of used copies of the textbook increased from $100 to $125. Other things being equal, we would expect
A. the quantity demanded of the used textbook to increase and the quantity demanded of the new textbook to decrease.
B. the demand for the new textbook to increase and the demand for the used textbook to decrease.
C. the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.
D. the quantity demanded of both to fall.
Answer: A
Economics
You might also like to view...
Utility is best defined as
A) the amount one is willing to pay for a good. B) the price of a good. C) the satisfaction from consuming a good. D) the practical usefulness of a good.
Economics
Many economists describe the 2007-2009 period in the United States as being a condition of a(n)
a. deflationary gap. b. recessionary gap. c. inflationary gap. d. reflationary gap.
Economics