Assume that black beans and rice are staples in the diet of one particular family.How could you tell if these goods were complements, substitutes, or unrelated goods?
A) If the price of black beans rose and the consumption of rice remained the same, they would be substitutes.
B) If the price of black beans rose and the consumption of rice increased, they would be substitutes.
C) If the price of black beans rose and the consumption of rice decreased, they would be substitutes.
D) If the price of black beans rose and the consumption of both goods remained the same, they would be complements.
E) There is no way to determine whether these goods are complements, substitutes, or unrelated goods.
Correct Answer:
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