Multiple Choice
Given a downward sloping demand curve and an upward sloping supply curve for product X, an increase in the price of a substitute good (in consumption) will:
A) increase equilibrium price and quantity of X.
B) decrease equilibrium price and quantity of X.
C) increase equilibrium price and decrease equilibrium quantity of X.
D) decrease equilibrium price and increase equilibrium quantity of X.
Correct Answer:
Verified
Correct Answer:
Verified
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