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What will be the effect on equilibrium price and quantity of a commodity with a risein the price in substitute good?a) Equilibrium Price Increases, Quantity increases b) Equilibrium Price Increases, Quantity decreases c) Equilibrium Price decreases, Quantity increasesd) Equilibrium Price decreases, Quantity decreases |
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Answer» Answer: What will be the effect on EQUILIBRIUM PRICE and QUANTITY of a commodity with a RISEin the price in substitute good?a) Equilibrium Price Increases, Quantity increasesb) Equilibrium Price Increases, Quantity DECREASESc) Equilibrium Price decreases, Quantity increased) Equilibrium Price decreases, Quantity decreasesExplanation: d) Equilibrium Price decreases, Quantity decreases |
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