Suppose product y is an input of the production of product z. Product z is in turn is a substitute in product x. An increase in the price of y can be expected to increase the demand for x decrease the demand for x have no effect on the demand for product x decrease the supply of x increase the supply of x
Suppose product y is an input of the production of product z. Product z is in turn is a substitute in product x. An increase in the price of y can be expected to increase the demand for x decrease the demand for x have no effect on the demand for product x decrease the supply of x increase the supply of x
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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Suppose product y is an input of the production of product z. Product z is in turn is a substitute in product x. An increase in the
- increase the
demand for x - decrease the demand for x
- have no effect on the demand for product x
- decrease the supply of x
- increase the supply of x
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