Question 3 8 pts Using the combined supply and demand graph below, show how the market for product X is affected due to the following event: . Event: Price of Y, a substitute for good X, decreases relative to price of X, other things constant. {The graph is presented only to help you visualize the market equilibrium, you need not reproduce it). Question 1: Will this affect demand g supply for goo X? Question 2: Will {demand/supply increase g decrease? Question 3: Will equilibrium price increase g decrease? Question 4: Will equilibrium quantity increase g decrease? Short answer 11 for question 3 Supply Demand Gaul I > > > >Answer in the format shown below: Question 1: (demand/supply) will be affected. Question 2: (demand/supply) will (increase/decreases). Question 3: Price will (increase/decrease) Question 4: Equilibrium quantity will (increase/decrease)