A firm produces and sells two goods, A and B. Good A is known to have many close substitutes; good B makes up a significant portion of most families' budgets. A price increase for each good would most likely cause total revenues from good A to:
a. Increase and total revenues from good B to decrease
b. Increase and total revenues from good B to increase
c. Decrease and total revenues from good B to increase
d. Decrease and total revenues from good B to decrease
Answers: 2
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A firm produces and sells two goods, A and B. Good A is known to have many close substitutes; good B...
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