Equilibrium price will decrease and equilibrium quantity will decrease in the widgetmarket, if:A) technology used to produce widgets decreasesB) the price of a complement of widgets decreasesC) the price of a widget substitute decreasesD) the price of a widget resource decreases

Customers are encouraged to move from buying widgets to the substitute goods when the price of the…

Answered: Equilibrium price will decrease and…

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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Equilibrium price will decrease and equilibrium quantity will decrease in the widget market, if: A) technology used to produce widgets decreases B) the price of a complement of widgets decreases C) the price of a widget substitute decreases D) the price of a widget resource decreases