Consider the Market for Apples

question 51

Multiple Choice

Consider the market for apples. Assuming that apples and oranges are substitutes, an increase in the price of oranges will:

• A) decrease the demand for apples, creating a lower price and a smaller amount of apples purchased in the market.
• B) increase the demand for apples, creating a higher price and a greater amount of apples purchased in the market.
• C) decrease the supply of apples, creating a higher price and a smaller amount of apples purchased in the market.
• D) increase the supply of apples, creating a lower price and a greater amount of apples purchased in the market.

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Definitions:

Societal Culture and Norms

Refers to the shared values, customs, behaviors, and artifacts that the members of society use to cope with their world and with one another, and that are transmitted from generation to generation through learning.

Trademark Infringements

The unauthorized use of a trademark or service mark on or in connection with goods and/or services in a manner that is likely to cause confusion, deception, or mistake about the source of the goods and/or services.

Intellectual Property

Laws safeguarding intellectual property, which includes things like patents, copyrights, trademarks, and designs.

President John F. Kennedy

The 35th President of the United States, serving from 1961 until his assassination in 1963.