"Because apples and oranges are substitutes, an increase in the price of oranges will cause the demand for apples to increase
This initial shift in demand for apples results in a higher price for apples; this higher price will cause the demand curve for apples to shift to the right." Which of the following correctly comments on this statement?
A) The statement is false because oranges are inferior goods; apples are normal goods.
B) The statement is false because one cannot assume that apples and oranges are substitutes for all consumers.
C) The statement will be true if consumer tastes for apples and oranges do not change.
D) The statement is false because a change in the price of apples would not change the demand for apples.
D
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Which of the following statements is true concerning the trend in hospital care between in-patient and out-patient services since the mid-1980s?
a. Both have been declining. b. Out-patient services have been static while in-patient services have been declining. c. Out-patient services have increased substantially because admissions are down. d. Both have been growing. e. There has been no noticeable trend in either in-patient or outpatient services.
Drive with Us is an automobile retailer and pays floor plan financing to finance the cars they hold in inventory. If the interest rate on their floor plan financing is 6 percent, how much do they pay in interest per day on a car with a wholesale price of $50,000?
A) $5.75 B) $7.57 C) $9.50 D) $8.22