If an Increase in the Price of Good X Causes

question 29

Multiple Choice

If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that:

• A) the price of Good Y will increase.
• B) Goods X and Y are normal goods.
• C) Goods X and Y are substitute goods.
• D) Goods X and Y are complement goods.

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Definitions:

Automatic Stay

A legal provision that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy.

Discharge of Obligations

A legal term for the act of releasing a party from their contractual obligations, typically through fulfillment, agreement, or operation of law.

Order for Relief

Legal authorization granted by a bankruptcy court that allows a debtor protection from creditors under bankruptcy laws.

Voluntary Petition

A document filed by an individual or corporation initiating a bankruptcy case of their own accord.