If many cooks consider butter and margarine to be substitutes, and the price of butter rises, then

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If many cooks consider butter and margarine to be substitutes, and the price of butter rises, then in the market for margarine

a. the equilibrium price will rise, while the change to equilibrium quantity is indeterminate.

b. the equilibrium price will rise, and the equilibrium quantity will fall.

c. both the equilibrium price and equilibrium quantity will rise.

d. both the equilibrium price and equilibrium quantity will fall.

e. the equilibrium price will fall, and the equilibrium quantity will rise.

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Exploring Economics

ISBN: 9780324395464

4th Edition

Authors: Robert L. Sexton

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