Consider the market for raspberries in Australia. Which of the following would most likely lead to an increase in the quantity demanded of raspberries? Group of answer choices A decrease in the price of blueberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries. A decrease in income if raspberries are a normal good. None of the above.
Question
Consider the market for raspberries in Australia. Which of the following would most likely lead to an increase in the quantity demanded of raspberries? Group of answer choices
A decrease in the price of blueberries, a substitute for raspberries.
An increase in the price of blueberries, a complement for raspberries.
A decrease in income if raspberries are a normal good.
None of the above.
Solution 1
The correct answer is: An increase in the price of blueberries, a complement for raspberries.
Here's the step-by-step explanation:
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If the price of blueberries, a complement for raspberries, increases, consumers may switch to buying more raspberries instead. This is because complements are goods that are typically consumed together, so if the price of one goes up, the demand for the other may decrease, leading consumers to buy more of the substitute good.
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Therefore, an increase in the price of blueberries would most likely lead to an increase in the quantity demanded of raspberries.
Note: The other options would not lead to an increase in the quantity demanded of raspberries. A decrease in the price of a substitute good (blueberries) would likely decrease the demand for raspberries as consumers switch to the cheaper substitute. A decrease in income would also likely decrease the demand for raspberries if they are a normal good, as consumers would have less money to spend on such goods.
Solution 2
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