Given a Downsloping Demand Curve and an Upsloping Supply Curve

question 26

Multiple Choice

Given a downsloping demand curve and an upsloping supply curve for a product,an increase in the price of a substitute good will:

• A) increase equilibrium price and quantity.
• B) decrease equilibrium price and quantity.
• C) increase equilibrium price and decrease equilibrium quantity.
• D) decrease equilibrium price and increase equilibrium quantity.

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Definitions:

Line-Angle Structure

A simplified representation of chemical structures where bonds are represented by lines and carbon atoms are implied at each line's end and vertices.

Carbon Atoms

The fundamental building blocks of organic molecules, capable of forming four covalent bonds.

Molecule

The smallest unit of a chemical compound that can exist, consisting of two or more atoms bonded together.

Condensed Structure

A representation of a molecular structure that omits certain atoms or groups, assuming the reader will infer their presence to simplify depictions of organic compounds.