705 exam 6 2023 - Study guides, Class notes & Summaries

ECON 705 Module 1 Exam prep 2023 With Revised Answered Answers. 1. The laws of demand implies that, other things remaining the same: a. As the price of cheeseburgers rises, the quantity demanded will decrease Price = demand 2. A substitute is a good: a. That can be used in place of another good. 3. The demand for a good increases when the price of a substitute _______ and also increases when the price of a compliment _______. a. Rises; falls Demand of a good when the price of a substit...