Consider the Market for Apples

question 51

Multiple Choice

Consider the market for apples. Assuming that apples and oranges are substitutes, an increase in the price of oranges will:

• A) decrease the demand for apples, creating a lower price and a smaller amount of apples purchased in the market.
• B) increase the demand for apples, creating a higher price and a greater amount of apples purchased in the market.
• C) decrease the supply of apples, creating a higher price and a smaller amount of apples purchased in the market.
• D) increase the supply of apples, creating a lower price and a greater amount of apples purchased in the market.

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Definitions:

Connotation

The implied or associated meaning of a word or phrase, apart from its explicit or primary definition.

Emotional Overtones

The emotional implications or connotations that accompany a word, phrase, or situation, influencing perceptions and reactions.

Implications

The possible effects or consequences of an action, statement, or event, especially where these are not explicitly stated.

Maturation

The process of becoming mature; the biological growth processes that enable orderly changes in behavior, mostly independent of experience.