French toast and pancakes and both are close substitutes. Assume that good weather yields a bumper crop of pancakes and decreases the price of pancakes. Into the market for French toast: (1) equilibrium price and quantity both increase.(2) competition increases the supply of French toast. (3) equilibrium price raises and equilibrium quantity reduces. (4) the quantities of butter and syrup used will raise. (5) equilibrium price and quantity reduce.
Can anybody suggest me the proper explanation for given problem regarding Economics generally?