When the price of a substitute of commodity X falls, the demand for X. A. rises B. falls C. remains unchanged D. any of the above

If two commodities are substitutes, then an increase in the price of one of them will increase the demand for the other.

In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:Question 36Select one:a.fall.b.stay the same.c.rise.d.change only if demand and/or supply change.

Question 1If the price of a good falls while demand remains unchanged, then total consumer surplus will ____________.1 pointremain unchangedincreasedecreaseWe can’t say.

Other things equal, the demand for good X will fall if:Question 4Answera.the price of its competing product Y falls.b.interest rate falls.c.Unemployment falls.d.Energy prices fall.

If the price of X good rises then the demand of Y good also rises then both goodsare__