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Answer to Question #211576 in Economics for Thuto
Question #211576
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 increased in equilibrium price and increase in equilibrium quantity.
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