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Answer to Question #211254 in Economics for Bontle
Question #211254
The market for pencils is in equilibrium. If the price of pens (a substitute for pencils) increases the impact on the market for pencils will be ___________ in equilibrium price and __________ in equilibrium quantity
Expert's answer
The market for pencils is in equilibrium. If the price of pens (a substitute for pencils) increases the impact on the market for pencils will be an increase in equilibrium price and an increase in equilibrium quantity
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