Refer to Scenario 3.1 below to answer the question(s) that follow.
SCENARIO 3.1
-Streaming movies and movies shown in theaters are substitutes.
-Streaming movies and OLED TVs are complements.
-OLED TVs and movies shown in theaters are normal goods.
-People watch streaming movies more often in the winter than in the summer.
-Refer to Scenario 3.1. The number of sites that stream movies is reduced by 25%, reducing the number of streaming movies available. Which of the following would occur?
A) The price of streaming movies would increase, and the price of OLED TVs and movie tickets would decrease.
B) The price of streaming movies would increase, but the price of OLED TVs and movie tickets would be unaffected.
C) The price of streaming movies and the price of movie tickets would decrease, but the price of OLED TVs would increase.
D) The price of streaming movies and the price of movie tickets would increase, but the price of OLED TVs would decrease.
Correct Answer:
Verified
Q81: Income _ along the demand curve.
A) increases
B)
Q82: Refer to Scenario 3.1 below to answer
Q83: Refer to the information provided in Figure
Q84: Which of the following will not cause
Q85: Refer to Scenario 3.1 below to answer
Q87: If the demand for macaroni and cheese
Q88: Related to the Economics in Practice on
Q89: According to the law of demand, quantity
Q90: According to the law of demand, quantity
Q91: Refer to Scenario 3.1 below to answer
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