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1) “As the price of apples goes up, the demand for apples goes down." The author of this statement a) implies that price and demand are unrelated. b) uses the word "demand" when he should use the word "supply." c) uses the word "demand" when he should use the words "quantity demanded." d) implies that demand and price have a direct relationship. 2) As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are a) substitutes. b) normal goods. c) complements. d) inferior goods. e) none of the above

1) “As the price of apples goes up, the demand for apples goes down." The author of this statement a) implies that price and demand are unrelated. b) uses the word "demand" when he should use the word "supply." c) uses the word "demand" when he should use the words "quantity demanded." d) implies that demand and price have a direct relationship. 2) As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are a) substitutes. b) normal goods. c) complements. d) inferior goods. e) none of the above

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
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1) “As the price of apples goes up, the demand for apples goes down." The author of this statement a) implies that price and demand are unrelated. b) uses the word "demand" when he should use the word "supply." c) uses the word "demand" when he should use the words "quantity demanded." 11 d) implies that demand and price have a direct relationship. 2) As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are a) substitutes. b) normal goods. c) complements. d) inferior goods. e) none of the above
Transcribed Image Text:1) “As the price of apples goes up, the demand for apples goes down." The author of this statement a) implies that price and demand are unrelated. b) uses the word "demand" when he should use the word "supply." c) uses the word "demand" when he should use the words "quantity demanded." 11 d) implies that demand and price have a direct relationship. 2) As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are a) substitutes. b) normal goods. c) complements. d) inferior goods. e) none of the above
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