If the Price of Apples Goes Down, Then the Demand

question 348

Multiple Choice

If the price of apples goes down, then the demand for pears will

• A) increase, assuming apples and pears are substitutes.
• B) decrease, assuming apples and pears are substitutes.
• C) decrease, assuming apples and pears are complements.
• D) remain constant, assuming apples and pears are related goods.

---

Definitions:

Self-employed

The status of working for oneself as a freelancer or owner of a business rather than being employed by someone else.

Well-educated

Possessing a high level of education and knowledge, typically achieved through formal schooling and continuous learning.

Relatively Old

A term referring to an object, person, or concept that is considerably aged compared to others in its category.

Millionaire Status

The state of having net assets or a net worth equal to or greater than one million units of a currency.