Refer to the diagram, which shows demand and supply conditions in the competitive market for product X. A shift in the demand curve from D 0 to D 1 might be caused by a(n):
A. decrease in income if X is an inferior good.
B. increase in the price of complementary good Y.
C. increase in money incomes if X is a normal good.
D. increase in the price of substitute product Y.
B. increase in the price of complementary good Y.
Economics
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In the above figure, if the price is P1 and the firm produces Q2, it is
A) making an economic profit. B) incurring an economic loss. C) breaking even. D) More information is needed to determine if the firm is earning a positive economic profit, zero economic profit, or is incurring an economic loss.
Economics
Describe the trends in U.S. manufacturing employment and U.S. manufacturing output over the last 40 years. What factors have contributed to these?
What will be an ideal response?
Economics