Asked by
Bhola Singh
on Oct 12, 2024Verified
If coffee and tea are substitutes and the supply of coffee increases,all of the following will result except
A) the price of coffee will fall.
B) the price of tea will fall.
C) the quantity of coffee purchased will rise.
D) the quantity of tea purchased will rise.
Substitutes
Goods or services that can be used in place of each other where the presence of one reduces the demand for the other.
Supply
The total amount of a product or service that is available to consumers in the market at current prices.
Quantity
Quantity refers to the amount or number of a material or immaterial good or service, often considered in terms of units or pieces.
- Analyze the effects of complementary and substitute goods on market dynamics.
Verified Answer
BJ
Learning Objectives
- Analyze the effects of complementary and substitute goods on market dynamics.