A rise in the price of a substitute in production for a good leads to A) an increase in the supply of that good. B) no change in the supply of that good; instead there is a change in the quantity supplied. C) a decrease in the quantity of that good supplied. D) no change in either the supply or the quantity supplied of the good.

A rise in the price of a substitute in production for a good leads to A) an increase in the supply of that good. B) no change in the supply of that good; instead there is a change in the quantity supplied. C) a decrease in the quantity of that good supplied. D) no change in either the supply or the quantity supplied of the good.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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