If Oranges and Grapefruit Are Close Substitutes, an Increase in the Price

question 202

Multiple Choice

If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of

• A)both products to the right.
• B)both products to the left.
• C)grapefruit to the right.
• D)oranges to the left.

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Definitions:

Proxies

Authorizations given by shareholders for others to vote on their behalf at company meetings.

Irrevocable

Not able to be changed, reversed, or recovered; final and unalterable.

Withdrawn

The act of pulling back or removing a statement, offer, or proposal previously put forward.

Closely Held Corporation

A corporation that does not sell stock to the general public.