Asked by
McKenna Kelley
on Dec 08, 2024
Verified
Pineapples and kumquats are substitute goods. Exceptional weather in Guatemala resulted in a bumper crop of pineapples. Ceteris paribus,
A) the price of both pineapples and kumquats will increase.
B) the price of both pineapples and kumquats will fall.
C) the price of kumquats will increase and the price of pineapples will fall.
D) the price of kumquats will fall and the price of pineapples will increase.
Substitute Goods
Products or services that can be used in place of each other, offering consumers choices when making purchases.
Bumper Crop
An unusually large harvest of crops in a given season.
- Detect and explicate the role of substitutes and complements in affecting demand.
- Assess the influence of external factors, including climatic variations and recalls of products, on market demand and supply dynamics.
Verified Answer
AN
Learning Objectives
- Detect and explicate the role of substitutes and complements in affecting demand.
- Assess the influence of external factors, including climatic variations and recalls of products, on market demand and supply dynamics.