Which of the following statements represents a correct and sequentially accurate economic explanation?
A) X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y rises.
B) X and Y are substitutes. The price of X rises, the demand for X falls, and the demand for Y rises.
C) X and Y are substitutes. The price of X falls, the demand for X rises, and the quantity demanded of Y rises.
D) X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y falls.
E) X and Y are complements. The price of X falls, the quantity demanded of X rises, and the demand for Y falls.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements represents a correct and sequentially accurate economic explanation?
A) X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y rises.
B) X and Y are substitutes. The price of X rises, the demand for X falls, and the demand for Y rises.
C) X and Y are substitutes. The price of X falls, the demand for X rises, and the quantity demanded of Y rises.
D) X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y falls.
E) X and Y are complements. The price of X falls, the quantity demanded of X rises, and the demand for Y falls.

Which of the Following Statements Represents a Correct and Sequentially