25 May Question 46. Suppose that goods A and B are close substitutes and the pr
Question
46. Suppose that goods A and B are close substitutes and the price of good B falls. We would then expect an:
A) increase in the demand for good A and the quantity demanded for good B.
B) increase in the demand for good A and a decrease in the quantity demanded for good B.
C) increase in the quantity demanded of good B and a decrease in the demand for good A.
D) increase in the demand for goods A and B.
47. If two goods are close substitutes:
A) an increase in the price of one will decrease the demand for the other.
B) an increase in the price of one will increase the demand for the other.
C) a decrease in the price of one will increase the demand for the other.
D) a decrease in the price of one will have no effect on the demand for the other.
48. Which factor will increase the demand for a product?
A) an unfavorable report on the value of the product
B) an increase in the price of a substitute product
C) an increase in the price of a complementary product
D) a decrease in the number of buyers
49. If the demand for product J shifts to the left as the price of product K increases, then:
A) the number of consumers of product K has increased.
B) the income of consumers of product K has increased.
C) J and K are substitute goods.
D) J and K are complementary goods.
50. People demand more of product X when the price of product Y decreases. This means X and Y are:
A) complements.
B) substitutes.
C) not related.
D) both inexpensive.
51. If the price of K declines, the demand curve for the complementary product J will:
A) remain unchanged.
B) shift to the right.
C) decrease.
D) shift to the left.
52. Which would cause an increase in the demand for product A?
A) a decrease in the price of product A
B) a decrease in the price of a complementary product B
C) an increase in the cost of producing product A
D) a decrease in the number of suppliers of product B
53. Which are not generally considered to be complementary goods?
A) gasoline and motor oil
B) beef and chicken
C) beer and pretzels
D) razors and razor blades
54. If service stations raise the price of gasoline and experience a decrease in demand for automobile tires, then gasoline and tires are:
A) substitute goods.
B) economic goods.
C) inferior goods.
D) complementary goods.
55. If the price of gasoline increases and car d
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