Suppose That a Consumer's Preferences Are Well Behaved in That

question 65

Multiple Choice

Suppose that a consumer's preferences are well behaved in that properties 4-1 - 4-4 are satisfied and the initial equilibrium consumption bundle consists of 100 units of X and 50 units of Y.If P_X increases such that the new equilibrium consumption bundle is 150 units of X and 75 units of Y, then goods X and Y are

• A)complements.
• B)substitutes.
• C)inferior goods.
• D)unrelated.

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Definitions:

Deviant Member

Describes an individual within a group whose behaviors, beliefs, or attitudes diverge significantly from the group's norms or standards.

Cohesive

Describes a group, organization, or other collection of individuals that is united or sticking together closely, often sharing common goals or attitudes.

Interpersonal Zones

The physical distances individuals maintain in social interactions, which can indicate levels of intimacy, comfort, or social norms.

Private Zone

An area of personal space or psychological boundary that individuals maintain for their comfort and autonomy.