Asked by
Taryn Gould
on Oct 26, 2024
Verified
Suppose oranges and clementines are substitutes.Holding everything else constant,if the price of oranges increases,then the demand for _____ will _____.
A) clementines;increase
B) clementines;decrease
C) oranges;increase
D) oranges;decrease
Oranges
A citrus fruit that is a primary source of vitamin C and used in culinary dishes and beverages.
Clementines
A type of small, sweet citrus fruit that is seedless and easy to peel.
Substitutes
Items or services that are interchangeable, characterized by a scenario where a price hike in one results in a heightened demand for the alternative.
- Examine the effects of price variations in substitute and complementary goods on market demand.
Verified Answer
MS
Learning Objectives
- Examine the effects of price variations in substitute and complementary goods on market demand.