If the price of product L increases,the demand curve for close-substitute product J will:

A) shift downward toward the horizontal axis.
B) shift to the left.
C) shift to the right.
D) remain unchanged.

Question

Kendall Thompson · Accepted Answer

Final Answer : C, Explanation :  When the price of product L increases, consumers will likely switch to its close substitute, product J, increasing the demand for J. This is represented by a rightward shift in the demand curve for product J.

If the price of product L increases,the demand curve for close-substitute product J will:

A) shift downward toward the horizontal axis.
B) shift to the left.
C) shift to the right.
D) remain unchanged.

Definitions

Learning Objectives

Learning Objectives

Related questions

If the price of product L increases,the demand curve for close-substitute product J will:A) shift downward toward the horizontal axis.B) shift to the left.C) shift to the right.D) remain unchanged.

Definitions

Learning Objectives

Learning Objectives

Related questions

If the price of product L increases,the demand curve for close-substitute product J will:

A) shift downward toward the horizontal axis.
B) shift to the left.
C) shift to the right.
D) remain unchanged.