Which of the following is true if the price of coffee increases?
a. The demand for tea, a substitute good, will decrease.
b. The demand for coffee will increase.
c. The demand for coffee and tea will decrease.
d. Both the demand for coffee and tea will increase.
e. The demand for tea, a substitute good, will increase.
e
Economics
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If the government sets a minimum price at which a good or service can be sold, it thereby creates
A) a price ceiling. B) a black market price. C) a price floor. D) an illegal price control.
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A monopolist's supply curve is the portion of its marginal cost curve above average variable cost
a. True b. False
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