If the price of apples falls and apples and oranges are substitutes, we would expect:
a. The quantity of apples demanded to increase and the demand for oranges to increase.
b. The quantity of oranges demanded to decrease and the demand for apples to increase.
c. The quantity of apples demanded to increase and the demand for oranges to decrease.
d. The quantity of oranges demanded to decrease and the demand for apples to decrease.
c
Economics
You might also like to view...
As the price of a good increases, the loss in consumer surplus is larger,
A) the more elastic demand is. B) the more money previously spent on the good. C) the less money previously spent on the good. D) the smaller the price increase.
Economics
Briefly explain the difference between the concepts of scarcity and shortage
What will be an ideal response?
Economics