The Price of Good X Increases by 25%,causing the Quantity

question 95

Multiple Choice

The price of good X increases by 25%,causing the quantity consumed of good Y to decrease by 10%.If everything else is held constant in the economy,we can say with certainty that good X and good Y are:

• A) substitutes.
• B) inferior.
• C) complements.
• D) normal.
• E) unrelated.

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Definitions:

Minds

The elements of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.

Physical Things

Objects that exist in space and time, possessing material substance and can be perceived by the senses.

Directly Observed

A method of collecting data or information through immediate, firsthand observation.

Unchanging

Something that remains the same over time, not affected by external conditions or changes.