Asked by Achera Weaver on May 05, 2024
Verified
French fries and hamburgers are complements in consumption.Suppose the cost of the ingredients used to make hamburgers rises,so that the price of a hamburger rises.Then the equilibrium price of french fries _____ and the equilibrium quantity _____.
A) rises;increases
B) rises;decreases
C) falls;increases
D) falls;decreases
French Fries
A popular fast food made by cutting potatoes into strips and deep-frying them until they are crispy.
Hamburger Ingredients
The various components required to make a hamburger, such as ground meat, lettuce, tomato, buns, and condiments.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a balance without excess supply or demand.
- Differentiate between complements and substitutes in consumer behavior and their impacts on market dynamics.
- Assess the impact of variations in production expenses on market balance.
Verified Answer
Learning Objectives
- Differentiate between complements and substitutes in consumer behavior and their impacts on market dynamics.
- Assess the impact of variations in production expenses on market balance.
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