If an Increase in the Price of Good X Causes

question 140

Multiple Choice

If an increase in the price of good X causes the demand for good Y to decrease, this indicates that

• A) X and Y are complements.
• B) X and Y are substitutes.
• C) X and Y are unrelated.
• D) the demand for X is elastic, but the demand for Y is inelastic.

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Definitions:

Rights Afforded

The privileges or entitlements granted to individuals or groups, often protected by law or social convention.

Self-Determination

The right or ability of people to make their own choices and decisions, often associated with national, ethnic, or cultural groups seeking autonomy.

Legal Representation

The act of having a lawyer or attorney advocate on one’s behalf in legal proceedings.

Global Potential

The capacity or ability of something or someone to have an impact or effect on a global scale.