Suppose That a Decrease in the Price of X Results

question 89

Multiple Choice

Suppose that a decrease in the price of X results in less of good Y sold. What are X and Y called?

• A) complementary goods
• B) normal goods
• C) inferior goods
• D) substitute goods

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Definitions:

Piracy

The act of attacking and robbing ships at sea; also refers to the unauthorized use or reproduction of another's work, especially in relation to copyrighted materials.

Unsafe Sea Corridors

Maritime routes that pose significant risks to ships due to factors like piracy, armed conflict, or natural hazards.

Trading Practices

The activities and principles involved in buying, selling, and exchanging goods and services, both domestically and internationally.

Beaver Pelts

The skins of beavers, which were highly prized for their fur, playing a central role in the North American fur trade in the 17th and 18th centuries.