Question
Suppose that the price of orange juice rises and the price of apples falls. What would you expect to happen to the price and quantity
Suppose that the price of orange juice rises and the price of apples falls. What would you expect to happen to the price and quantity of apple juice? (DRAW THE CURVES!) a. The equilibrium price would increase, but the impact on equilibrium quantity would be uncertain. b. The equilibrium price would decrease, but the impact on equilibrium quantity would be uncertain. c. Both equilibrium price and quantity would increase. d. Equilibrium quantity would increase, but the impact on equilibrium price would be uncertain.** e. Equilibrium quantity would decrease, but the impact on equilibrium price would be uncertain.
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