Suppose the income-consumption curve for goods X and Y is upward sloping. If the price of good Y increases and the income-consumption curve rotates in clockwise fashion, then we know that:
A) X and Y are complements.
B) X and Y are both inferior goods.
C) X and Y are substitutes .
D) Y is an inferior good.
C
Economics
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When new firms enter a monopolistically competitive industry, each existing firm's
A) demand curve shifts rightward. B) demand curve shifts leftward. C) marginal cost curve shifts rightward. D) marginal cost curve shifts leftward.
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