Suppose There Are Two Goods X and Y in the Market

question 69

Multiple Choice

Suppose there are two goods X and Y in the market that are used as substitutes. If consumers' preferences shift in favour of good Y:

• A) the demand curve for good X shifts to the right.
• B) the equilibrium quantity of good X increases if supply is unchanged
• C) the equilibrium price of good X decreases if supply is unchanged.
• D) the equilibrium price of good X increases if supply is increased.

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Definitions:

Pylon Temple

An Egyptian temple entered through a monumental pylon, typical of the New Kingdom.

Hypostyle Hall

An architectural space characterized by a large room with a roof supported by numerous columns, commonly found in Egyptian temples.

Palette

A board on which an artist mixes paint, also refers to the range of colors used in a particular painting or by an artist.

Narmer

An ancient Egyptian pharaoh, historically credited with the unification of Upper and Lower Egypt around the 31st century BC and often associated with the iconic Narmer Palette.