Hardwood and carpets are considered by consumers to be substitutes in flooring What is the likely economic impact of an increase in the price of carpet? a rightward shift of the demand curve for hardwood O a movement down along the demand curve for hardwood a movement up along the demand curve for hardwood a decrease in the supply of carpet
Hardwood and carpets are considered by consumers to be substitutes in flooring What is the likely economic impact of an increase in the price of carpet? a rightward shift of the demand curve for hardwood O a movement down along the demand curve for hardwood a movement up along the demand curve for hardwood a decrease in the supply of carpet
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 18QP
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Transcribed Image Text:Hardwood and carpets are considered by consumers to be substitutes in flooring.
What is the likely economic impact of an increase in the price of carpet?
a rightward shift of the demand curve for hardwood
O
a movement down along the demand curve for hardwood
a movement up along the demand curve for hardwood
a decrease in the supply of carpet
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