Asked by
Kristina Johnson
on Dec 11, 2024
Verified
Which one of the following factors would increase the demand for oranges?
A) an increase in the price of grapefruit, a substitute product
B) a reduction in the price of bananas, a substitute product
C) development of a line of high-yield orange trees that are also more freeze resistant
D) a decrease in consumer income
Substitute Product
A product or good that a consumer can use in place of another.
- Understand the influence of external elements on changes in demand curves.
- Assess the influence of complementary and substitute goods on the demand curve.
Verified Answer
FC
Learning Objectives
- Understand the influence of external elements on changes in demand curves.
- Assess the influence of complementary and substitute goods on the demand curve.