Goods X and Y Are Defined to Be Substitutes in Consumption

question 97

Multiple Choice

Goods X and Y are defined to be substitutes in consumption if

• A)the supply of Y varies inversely with the price of X.
• B)the two goods are virtually the same.
• C)the supply of Y varies directly with the price of X.
• D)the demand for Y varies directly with the price of X.
• E)the demand for Y varies inversely with the price of X.

---

Definitions:

Standard Deviation

A statistical metric that quantifies the dispersion or variability of a dataset relative to its mean.

Significance Level

A threshold below which a p-value indicates that the null hypothesis can be rejected.

Standard Deviation

A statistic that quantifies the dispersion or spread of a set of data points around their mean value, highlighting variability within the data set.

Monthly Incomes

Regular earnings received by individuals or households on a monthly basis from employment or investments.