Exhibit 3-9

-Refer to Exhibit 3-9.Consumers view X and Y as substitutes.If the price of Y increases,you expect a movement in the market for X from
A) F to E.
B) A to B.
C) E to F.
D) B to A.

Question

Exhibit 3-9
 
-Refer to Exhibit 3-9.Consumers view X and Y as substitutes.If the price of Y increases,you expect a movement in the market for X from
A) F to E. 
B) A to B. 
C) E to F. 
D) B to A.

Quizplus · Accepted Answer

When the price of Y increases, consumers will substitute X for Y, leading to an increase in demand for X. This causes a movement along the demand curve from A to B, indicating a higher quantity demanded at the same price.

Exhibit 3-9 -Refer to Exhibit 3-9.Consumers View X and Y as Substitutes.If