Asked by
Brei'El ChyLyne
on Oct 09, 2024
Verified
If products C and D are close substitutes,an increase in the price of C will:
A) tend to cause the price of D to fall.
B) shift the demand curve of C to the left and the demand curve of D to the right.
C) shift the demand curve of D to the right.
D) shift the demand curves of both products to the right.
Close Substitutes
Goods or services that can easily replace each other in consumption, affecting consumer choice and market competition.
- Discern the features and repercussions of items serving as substitutes or complements.
- Investigate the influence of price fluctuations on consumer interest in related products.
Verified Answer
NR
Learning Objectives
- Discern the features and repercussions of items serving as substitutes or complements.
- Investigate the influence of price fluctuations on consumer interest in related products.