Suppose a concert by Rihanna and a basketball game played by the Houston Rockets are substitutes, then which of the following is TRUE?
A) If the price of a ticket to a Rockets game increases, then the demand for Rihanna tickets will fall.
B) If the price of a ticket to a Rockets game decreases, then the demand for Rihanna tickets will fall.
C) If the price of a ticket to a Rockets game increases, then the demand for Rihanna tickets will remain unchanged.
D) The price of a ticket to a Rockets game will always equal the price of a ticket to a Rihanna concert.
Answer: B
You might also like to view...
Which of the following disinflationary monetary policies would classical economists prefer?
A) A cold turkey approach that is announced and credible. B) A cold turkey approach that is announced, but not credible. C) A gradual approach that is announced and credible. D) A gradual approach that is unannounced.
Economic growth solves the problem of scarcity
a. True b. False Indicate whether the statement is true or false