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If apple and orange are substitutes, when price of apple increases, then the demand for orange decreases.

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If a drought destroyed half of the U.S. garlic crop at a time when the health benefits of garlic were being well-publicized, economists would expect that in the market for garlic ( ).

A. quantity exchanged would rise but the change in price is uncertain without further information.
B. price would rise but the change in quantity exchanged is uncertain without further information.
C. both price and quantity exchanged would rise.
D. price would rise and quantity exchanged would fall.

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If Francis receives a decrease in his pay, we would expect ( ).

A. Francis’s demand for each good he purchases to remain unchanged.
B. Francis’s demand for normal goods to increase.
C. Francis’s demand for luxury goods to increase.
D. Francis’s demand for inferior goods to increase.

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Given this data, the equilibrium price and quantity of CD players are ( ). QUANTITY QUANTITYPRICE DEMANDED SUPPLIED (units per week) (units per week)$100 1,000 100$150 900 300$200 800 500$250 600 600$300 300 650

A. $150 and 300 players.
B. $200 and 800 players.
C. $250 and 600 players.
D. $300 and 650 players.

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If the cross-price elasticity of demand for two goods is negative, these two good are ( ) ?

A. luxury goods.
B. necessities.
C. substitutes.
D. complements.

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