Question
Because coffee and tea are substitutes, a decrease in the price of tea will cause the demand for coffee to decrease. This initial shift in
Because coffee and tea are substitutes, a decrease in the price of tea will cause the demand for coffee to decrease. This initial shift in demand for coffee results in a lower price for coffee; this lower price will cause the demand curve for coffee to shift to the left." Which of the following correctly comments on this statement?
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Economics of Money, Banking and Financial Markets
Authors: Frederic S. Mishkin
9th Edition
978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905
