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.
Indifference curve: It demonstrates various combinations of two goods that provide identical level of satisfaction to the consumer.
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Economic profits produce competitive pressures which cause: (w) each firm’s output to shrink during the short run. (x) an industry’s output to increase. (y) market prices to increase. (z) firms to leave an industry. Discover Q & A Leading Solution Library Avail More Than 1422491 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949969 Asked 3,689 Active Tutors 1422491 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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