In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.

An increase in the price of a product that is a close substitute for X will

Multiple Choice

• increase D, increase P, and increase Q.

• decrease D, increase P, and decrease Q.

• increase D, decrease P, and increase Q.

• increase D, increase P, and decrease Q.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Option D right Answer When consumers ex... View the full answer