An Increase in the Price of Good X Will Be

question 22

Multiple Choice

An increase in the price of good x will be accompanied by:

• A)a shift in the market demand curve for good x.
• B)a shift in the market demand curve for good y (a substitute for good x).
• C)a movement along the market demand curve for good x.
• D)both b and c

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Definitions:

Apartment Building

A residential building containing multiple apartments or units meant for separate tenants.

Warranty

A promise, statement, or other representation that an item has certain qualities; also, an insured’s promise to abide by restrictions, especially those written into an insurance policy. Also, an obligation imposed by law that an item will have certain qualities. Warranties made by means of a statement or other affirmation of fact are called express warranties; those imposed by law are implied warranties.

Insured

A party that is protected by an insurer against losses caused by the risks specified in an insurance policy.

Insurance Company

A financial institution that provides a range of insurance policies to protect individuals and businesses against the risk of financial losses in return for premium payments.