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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