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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When the slope of a supply curve which goes through the basis equals one, supply is: (w) price elastic. (x) price inelastic. (y) unitarily price elastic. (z) indeterminate like to elasticity without more information. Discover Q & A Leading Solution Library Avail More Than 1419523 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942217 Asked 3,689 Active Tutors 1419523 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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