The Price of Good a Goes Up

question 38

Multiple Choice

The price of good A goes up. As a result the demand for good B shifts to the left. From this we can infer that:

• A) good A is a normal good.
• B) good B is an inferior good.
• C) goods A and B are substitutes.
• D) goods A and B are complements.
• E) none of the above

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Definitions:

Fixed Assets

Long-term tangible property, plant, and equipment that a company owns and uses in its operations to generate income.

Chlorine Atom

An elementary particle of chlorine, which is a chemical element with the symbol Cl and atomic number 17, known for its high reactivity and use as a disinfectant.

Ozone Molecules

Triatomic molecules consisting of three oxygen atoms, crucial for absorbing the majority of the sun's harmful ultraviolet radiation in the Earth's atmosphere.

Molecular Oxygen

A diatomic molecule composed of two oxygen atoms, O2, essential for most forms of life on Earth due to its role in cellular respiration.