If Products C and D Are Close Substitutes, an Increase

question 112

Multiple Choice

If products C and D are close substitutes, an increase in the price of C will

• A) tend to cause the price of D to fall.
• B) shift the demand curve for C to the left and the demand curve for D to the right.
• C) shift the demand curve for D to the right.
• D) shift the demand curves of both products to the right.

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Definitions:

Forms

In philosophy, especially in Platonic thought, the ideal or perfect essence of something, which exists beyond the physical representation.

Contradictory

Qualities, statements, or propositions that are in direct opposition to each other, such that if one is true, the other must be false.

Proposition

A statement or assertion that expresses a judgment or opinion, which can be analyzed as true or false.

Subalternate

In logic, a term referring to the relationship between a universal statement and its corresponding particular statement.