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Consider the market for Honey Dew melons. Suppose that the price of a substitute good, namely Cantaloupes, goes up. In this case, the __ curve for Honey Dew melons should shift to the __ supply; left demand; right demand; left supply; right

Pergunta

Consider the market for Honey Dew melons. Suppose that the price of a substitute good, namely Cantaloupes, goes up.
In this case, the __ curve for Honey Dew melons should shift to the __
supply; left
demand; right
demand; left
supply; right

Consider the market for Honey Dew melons. Suppose that the price of a substitute good, namely Cantaloupes, goes up. In this case, the __ curve for Honey Dew melons should shift to the __ supply; left demand; right demand; left supply; right

Solução

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SandroProfissional · Tutor por 6 anos

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In the market for Honey Dew melons, if the price of a substitute good like Cantaloupes goes up, consumers are likely to switch from buying Cantaloupes to buying more Honey Dew melons. This change in consumer preference will affect the demand side of the market.<br /><br />Therefore, the correct answer is:<br /><br />demand; right<br /><br />This means that the demand curve for Honey Dew melons should shift to the right, indicating an increase in demand at each price level due to the higher price of the substitute good, Cantaloupes.
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