If the price of potato chips increases, other things constant, demand for potato-chip dip will:
a. not change; only quantity demanded will change.
b. increase, because the goods are substitutes.
c. decrease, because the goods are substitutes.
d. decrease, because the goods are complements.
e. increase, because the goods are complements.
d
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Refer to Figure 17-4. Consider the shift in the short-run Phillips curves shown in the above graph. This shift may be explained by
A) an increase in the expected rate of inflation from 4.0 to 5.5 percent. B) an increase in the natural rate of unemployment from 5.0 to 6.2 percent. C) either an increase in the natural rate of unemployment from 5.0 to 6.2 percent or an increase in the expected rate of inflation from 4.0 to 5.5 percent. D) None of the above is correct.
Which of the following will NOT shift the aggregate demand curve to the right?
A) a decline in the price level B) an increase in government expenditures C) an increase in investment D) an increase in the money supply