Question #49145
Analysing the market for hot chocolate..
The price of tea, a substitute for hot chocolate , falls..so what is the impact on demand and supply including how equilibrium price and quantity have changed..?
The price of tea, a substitute for hot chocolate , falls..so what is the impact on demand and supply including how equilibrium price and quantity have changed..?
Expert's answer
The demand for tea increases and the supply for it decrease. Equilibrium quantity of tea decreases.
The demand for hot chocolate decreases. An equilibrium price and equilibrium quantity of hot chocolate decreases.
The demand for hot chocolate decreases. An equilibrium price and equilibrium quantity of hot chocolate decreases.
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#340153 on Dec 2023
#340153 on Dec 2023
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