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The following represents demand for widgets a fictional

The following represents demand for widgets (a fictional product):

=650-4P-0.004M+4P

where P

is the price of widgets, M

is income, and P

is the price of a related (fictional) good, the wodget. Supply of widgets is determined by

=20+4P

Widgets are _________, and widgets and wodgets are _____________.

Select one:

a. an inferior good; substitutes.

b. an inferior good; complements.

c. a normal good; substitutes.

d. a normal good; complements.

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Finance Basics: The following represents demand for widgets a fictional

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