Multiple Choice
Assume that butter is a substitute for margarine. What would be the result in a drop in the price of margarine?
A) The price of butter rises and the quantity of butter falls.
B) The price of butter falls and the quantity of butter rises.
C) Both the price of butter and the quantity of butter rise.
D) Both the price of butter and quantity of butter fall.
Correct Answer:
Verified
Correct Answer:
Verified
Q129: Subsidies on domestically produced sport utility vehicles
Q130: An increase in the price of Lay's
Q131: If the supply curve shifts leftward, the<br>A)
Q132: Prices<br>A) allow sellers to determine what goods
Q133: In the short run, once a market
Q135: The law of supply states that if
Q136: Supply is the maximum amount of a
Q137: When the supply of coffee decreases<br>A) there
Q138: Prices typically contain more useful information for
Q139: Which graph shows an increase in quantity