If the Price of Personal Computers Were to Rise, Then

question 352

Multiple Choice

If the price of personal computers were to rise, then the demand for printers would decrease because personal computers and printers are

• A) complementary goods.
• B) consumer goods.
• C) inferior goods.
• D) substitute goods.

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Definitions:

Equilibrium

A state in a market system where supply equals demand, and no economic forces are acting to change the price or quantity.

Lemons

Beyond its botanical context, refers to goods of subpar quality, particularly used in the context of the used-car market to describe vehicles with defects.

Potential Buyers

Individuals or entities that have shown interest or possess the capability to purchase goods or services.

Lemons

In economics, a term used to describe a product of significantly lower quality than what was expected, particularly in the context of used vehicles.