If a Competitive Market Is in Equilibrium and Then the Price

question 76

Multiple Choice

If a competitive market is in equilibrium and then the price of an input increases and at the same time the price of a complement for the good decreases then we can predict which of the following?

• A)Q decreases
• B)P decreases
• C)Q increases
• D)P increases

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Definitions:

Bredt's Rule

A principle stating that bridged bicyclic compounds cannot have a double bond at a bridgehead position unless the rings are sufficiently large.

Catalytic Cracking

A chemical process used in petroleum refineries to break down large, heavy hydrocarbon molecules into smaller, more useful ones, often utilizing a catalyst.

Line-Angle Structures

Simplified structural representations of molecules in organic chemistry using lines to represent chemical bonds and vertices to represent carbon atoms.

Hydrogenation

The chemical reaction of adding hydrogen to an organic compound, often used to convert unsaturated bonds to saturated ones.