If the Price of Potato Chips Increases,other Things Constant,demand for Potato

question 89

Multiple Choice

If the price of potato chips increases,other things constant,demand for potato chip dip will:

• A)decrease because potato chip is an inferior good.
• B)increase because the goods are substitutes.
• C)decrease because the goods are substitutes.
• D)decrease because the goods are complements.
• E)increase because the goods are complements.

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Definitions:

Annual Time-series

A sequence of data points representing the value of a variable over a series of years.

Sequential Order

The arrangement of objects, events, or values in a specific sequence where the order is significant.

Dependent Variable

The variable in an experiment that is observed and measured to see how it is affected by the independent variable.

Independent Variables

Elements in an experiment or schematic that are altered or sorted to examine their influence on variables that rely on them.