People Buy More of Good 1 When the Price of Good

question 67

Multiple Choice

People buy more of good 1 when the price of good 2 rises.Good 1 and good 2 are

• A)complements.
• B)substitutes.
• C)normal goods.
• D)inferior goods.
• E)substitutes in production

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Definitions:

Antecedent Statement

A proposition or assertion that precedes another in logic, often serving as a premise in an argument.

Logic of Statements

The study of the principles and criteria for evaluating deductive arguments and the validity of statements.

Equivalent

Equal in value, measure, force, effect, or significance.

Bi-Conditional

A logical relation or statement that is true if and only if both components are either true or false together.