Wine and Cheese Are Complement Goods Because They Are Consumed

question 3

Multiple Choice

Wine and cheese are complement goods because they are consumed together.What would you expect to happen to the equilibrium quantity of cheese if the price of wine increased and all else is held constant?

• A) It would increase because of a supply shift.
• B) It would increase because of a demand shift.
• C) It would stay the same because of both a demand and a supply shift.
• D) It would decrease because of a supply shift.
• E) It would decrease because of a demand shift.

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Definitions:

Bid Made

The act of offering a specific price for goods, services, or assets, especially in auctions or formal procurement processes.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Identical

Refers to being exactly the same in every detail.

Valid Contract

A legal agreement that meets all the required elements, making it enforceable by law.