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Answer to Question #49145 in Microeconomics for nisa

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..?
1
Expert's answer
2014-11-20T12:30:01-0500
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.

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