If Goods X and Y Are Substitute Goods, Then an Increase

question 213

Multiple Choice

If goods X and Y are substitute goods, then an increase in the price of Y, other things being equal,

• A) results in a decrease in the amounts of both X and Y consumed.
• B) decreases the quantity demanded of Y, but has no effect on the amount of X consumed.
• C) results in a decrease in the quantity of Y consumed, but increases the demand for X.
• D) has no real effect on the quantity demanded of good Y, but increases the demand for X.

Explore the competitive dynamics among oligopolists and their impact on market outcomes.

Understand the concept and calculation of the Herfindahl-Hirschman Index (HHI) for market concentration.

Recognize legal and illegal practices regarding price control in oligopolies.

Differentiate between various market structures, with a focus on oligopoly characteristics.

---

Definitions:

Control Variable

In experimental research, a variable that is kept constant to test the relative impact of an independent variable on a dependent variable.

Immigrant Status

The legal condition of a person who has come to live permanently in a country where they were not born, often impacting their rights and obligations.

Canadian-Born

Individuals who were born in Canada, regardless of their parents' nationality.

Sampling Frame

A list or database from which a representative sample is drawn for the purpose of conducting research.