Two Goods Are Considered Substitutes Only If

question 102

Multiple Choice

Two goods are considered substitutes only if

• A) a decrease in the demand for one leads to a decrease in the supply of the other
• B) an increase in the demand for one leads to a decrease in the supply of the other
• C) an increase in the price of one leads to an increase in the demand for the other
• D) a decrease in the price of one leads to an increase in the demand for the other
• E) a decrease in the supply of one leads producers to switch to production of the other

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Definitions:

Career Path

The progression or sequence of occupations undertaken by an individual throughout their working life.

Early 20s

This term generally refers to the age range from 20 to 24 years, a period often considered young adulthood.

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A continent located in the Northern Hemisphere, mostly in the Western Hemisphere, including countries such as the United States, Canada, and Mexico.

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The status of having enough personal wealth to live, without having to work actively for basic necessities.