Assume That Black Beans and Rice Are Consistently in the Diet

question 180

Multiple Choice

Assume that black beans and rice are consistently in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?

• A) If the price of black beans rose and the consumption of rice remained the same, they would be substitutes.
• B) If the price of black beans rose and the consumption of rice increased, they would be substitutes.
• C) If the price of black beans rose and the consumption of rice decreased, they would be substitutes.
• D) If the price of black beans rose and the consumption of both goods remained the same, they would be complements.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand, thus the market is in balance.

Compact Discs

Optical storage media used to store data, including music and software, readable by laser-based players and computers.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.