Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the price of cars increases, other things being equal, demand for petrol will: a.decrease because the goods are substitutes. b.decrease, because the goods are

If the price of cars increases, other things being equal, demand for petrol will:

a.decrease because the goods are substitutes.

b.decrease, because the goods are complements.

c.increase, because the goods are substitutes.

d.not change. Only the quantity demanded will change.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics Theory And Applications With Calculus

Authors: Jeffrey M. Perloff

4th Edition

134167384, 134167381, 978-0134167381

More Books

Students also viewed these Economics questions

Question

What are the different techniques used in decision making?

Answered: 1 week ago

Question

5. How can I help others in the network achieve their goals?

Answered: 1 week ago