Question

35 multiple choice 1 point
in economics, the demand for a good refers to the amount of the good that people:
would like to have if the good were free.
will buy at various prices.
need to achieve a minimum standard of living.
will buy at alternative income levels.
36 multiple choice 1 point
if an increase in the price of good x causes a decrease in the demand for good y, we can conclude that:
the price of good y will increase.
goods x and y are normal goods.
goods x and y are substitute goods.
goods x and y are complement goods.

Explanation:

Question 35

In economics, demand is defined as the quantity of a good or service that consumers are willing and able to buy at different prices during a given period. The first option describes "wants" (unlimited desires) rather than demand. The third option relates to "needs" for a minimum standard, not demand. The fourth option relates to income, which affects demand but is not the definition of demand. The second option matches the definition of demand as the quantity bought at various prices.

Complementary goods are those where an increase in the price of one (Good X) leads to a decrease in the demand for the other (Good Y) because they are used together (e.g., cars and gasoline). Substitute goods would see an increase in demand for Y when X's price rises (as people switch to Y). Normal goods are related to income, not price of another good. The first option is about Y's price, not the relationship between X and Y's demand. So the correct conclusion is that X and Y are complements.

Answer:

B. will buy at various prices.

Question 36