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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The price elasticity of supply as in below demonstrated figure is unitary within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Q : Economics surpluses drives price down, surpluses drives price down, shortages drives them up
surpluses drives price down, shortages drives them up
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