How consumption influence the equilibrium price
How does rise in price of a substitute good in consumption influence the equilibrium price?
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Answer: With the increase in price of the substitute good, the equilibrium price of concerned good will rise owing to shift in demand curve to the right.
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Into a purely competitive market economy, people along with rare and valuable talents would earn high incomes due to: (w) monopsonistic exploitation. (x) interest maximization. (y) economic rent. (z) transfer payments. Discover Q & A Leading Solution Library Avail More Than 1434981 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1929385 Asked 3,689 Active Tutors 1434981 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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