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If X and Y are substitutes, and if the marginal cost of producing X increases, then which of the following WILL occur? The quantity demanded
If X and Y are substitutes, and if the marginal cost of producing X increases, then which of the following WILL occur?
- The quantity demanded of X will decrease.
- The equilibrium price of Y will increase.
- The supply of X will increase.
Question options:
1.II only.
2.I and II only.
3.I, II and III.
4.I only.
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