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Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions Microeconomics19th EditionPaul Samuelson, William Nordhaus 430 solutions Economics: Principles in Action, Texas Edition2nd EditionArthur O'Sullivan, Steven M. Sheffrin 801 solutions When the price of good X rises the demand for good Y falls explain what this relationship implies about the two goods?relationship implies about the two goods. Goods X and Y must be complements. When the price of good X rises, the quantity of good X demanded will fall. If the demand for Y also falls, the two goods must be used together.
What is the price of good X rises and the demand for good y decreases then the two goods are called?If price of good x rises and this leads to decrease in demand for good y, how are the two goods related? The two goods are complementary to each other.
When the price of a substitute good X rises the demand for good X?When two goods X and Y are substitutes, then as the price of the substitute good Y rises, the demand for good X increases and the demand curve for good X shifts to the right, as in Figure (b).
How will an increase in the price of good y affect good X?If good X and Y are substitutes, then an increase in the price of good Y will lead to an increase in the demand for good X.
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When the price of good X rises the demand for good Y falls therefore good X and Y are said to be?
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