Asked by
Ashley Pavon
on Oct 12, 2024Verified
An increase in the price of a complement will result in
A) a decrease in the quantity demanded for the product.
B) an increase in the quantity demanded for the product.
C) a decrease in the demand for the product.
D) an increase in the demand for the product.
E) a shift in demand for the complement.
Complement
In economics, a good or service that is used together with another good or service, increasing the demand for both.
Quantity Demanded
The amount of a good or service consumers are willing to buy at a specific price, holding all other factors constant.
Demand
The desire of purchasers, consumers, clients, or buyers for a product or service, coupled with the capacity to pay for it.
- Understand how changes in the price of goods and their complements or substitutes affect demand.
Verified Answer
AO
Learning Objectives
- Understand how changes in the price of goods and their complements or substitutes affect demand.