When the Price of a Good Rises,consumers Buy a Smaller

question 137

Multiple Choice

When the price of a good rises,consumers buy a smaller quantity because of the ________ effect and the ________ effect.

• A)substitution; income
• B)normal; inferior
• C)substitute; complement
• D)supply; demand

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Definitions:

Global Coal Supplies

The total quantity of coal available for use worldwide, encompassing both proven reserves and resources yet to be discovered.

Depleted

A condition where a significant amount of a resource or substance has been consumed or removed, often leading to scarcity.

Oil Sand

is a type of unconventional petroleum deposit, consisting of sand or sandstone impregnated with bitumen, a dense and extremely viscous form of petroleum.

Bitumen

A sticky, black, highly viscous liquid or semi-solid form of petroleum, used primarily in road construction and waterproofing.