Table 3-D
Use the following information about demand and supply schedules to answer the question.
$\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}$
-Refer to Table 3-D.Suppose the supply schedule for Good A changes from S₁ to S₂ because the price of Good B increases.We can say that:

Question

Table 3-D
Use the following information about demand and supply schedules to answer the question.

\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}

-Refer to Table 3-D.Suppose the supply schedule for Good A changes from S₁ to S₂ because the price of Good B increases.We can say that:

Quizplus · Accepted Answer

When the price of Good B increases, the supply of Good A changes, suggesting that resources may be reallocated to produce more of Good B. This indicates that Goods A and B are likely substitutes in production.

Table 3-D Use the Following Information About Demand and Supply

Table 3-D
Use the Following Information About Demand and Supply