If the Price of Orange Juice Rises,the Demand for Grapefruit

question 58

Multiple Choice

If the price of orange juice rises,the demand for grapefruit juice will

• A) increase because the two goods are substitutes
• B) increase because it is a complement
• C) decrease because the two goods are substitutes
• D) decrease because the two goods are complements
• E) not change unless the price of grapefruit juice also changes

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Definitions:

Value

The importance, worth, or usefulness of something, often determined by the demand for it in the market or its inherent qualities.

Simple Consideration

The minimal requirement of value that must be exchanged between parties entering into a contract, for the contract to be considered valid.

Indorsement

The act of signing the back of a negotiable financial instrument, thereby making it payable to someone other than the named holder.

Signature

A person's name written in a distinctive way as a form of identification in authorizing a document.