If an Increase in the Price of Good X Results

question 220

Multiple Choice

If an increase in the price of good X results in a decrease in the quantity of Y demanded

• A) good X and good Y are substitutes.
• B) good X and good Y are complements.
• C) the cross-price elasticity of demand for good Y is positive.
• D) There is not sufficient information to determine the relationship between good X and good Y.

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Definitions:

Career Advancement

The process of moving forward in one’s career, often marked by increased responsibilities, higher status, and better compensation.

Commitment

A state or quality of being dedicated to a cause, activity, or goal, showing loyalty or allegiance.

Reluctant

Feeling or showing aversion, hesitation, or unwillingness to do something.

Free-Agent Economy

An economic system where individuals act as independent contractors or freelancers, rather than being committed to a single, long-term employer.