In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. An increase in the price of a product that is a close substitute for X will.

A) decrease S, increase P, and decrease Q.
B) increase S, increase P, and increase Q.
C) decrease S, decrease P, and decrease Q
D) increase D, increase P, and increase Q.

D) increase D, increase P, and increase Q.

Explanation:

A close substituite is a good that can be used in place of another good due to the similarity between the two goods.

If the price of good a substitute increases, it becomes more expensive to consumers and they shift demand to good X, the demand for good X increases, the equilibrium price and quantity would increase.

I hope my answer helps you

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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