If good A and good B are substitutes and the price of good A decreases, the demand for good B will

A. not change.
B. decrease.
C. increase.
D. become nonexistent.

B. decrease.

Economics

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Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples?

a. There is an increase in the demand for apples and an increase in the quantity supplied of apples. b. There is an increase in the demand and supply of apples. c. There is an increase in the quantity demanded of apples and in the supply for apples. d. There is an increase in the demand for apples and a decrease in the supply of apples. e. There is a decrease in the quantity demanded of apples and an increase in the supply for apples.

Economics

Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is -$2 million, government purchases are $10 million, and net export spending is $2 million. What is GDP?

A) $15 million B) $23 million C) $25 million D) $27 million

Economics