Teenagers frequently purchase similar shoes from one of two major competing shoe manufacturers. If the price of one manufacturer's shoes increases dramatically, teenagers are likely to purchase _____.(1 point)
Responses
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
more shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are substitutes
fewer shoes from the competing manufacturer at any given price, as the two brands are substitutes
The law of supply states that as price increases, ceteris paribus, _____.(1 point)
Responses
quantity supplied decreases
quantity supplied decreases
quantity supplied increases
quantity supplied increases
supply increases
supply increases
supply decreases