Multiple Choice
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
A) The price of orange juice will increase, and the quantity purchased will fall.
B) The price of orange juice will fall, and the quantity purchased will increase.
C) The price of orange juice will increase, and the quantity purchased will increase.
D) The price of orange juice will fall, and the quantity purchased will fall.
Correct Answer:
Verified
Correct Answer:
Verified
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