If consumers view Diet Pepsi and Diet Coke as substitutes, what would happen to the equilibrium price and quantity of Diet Coke if the price of Diet Pepsi rises? The equilibrium price would increase, and the equilibrium quantity would decrease The equilibrium price would decrease, and the equilibrium quantity would increase O Both the equilibrium price and quantity would decrease O Both the equilibrium price and quantity would increase.
If consumers view Diet Pepsi and Diet Coke as substitutes, what would happen to the equilibrium price and quantity of Diet Coke if the price of Diet Pepsi rises? The equilibrium price would increase, and the equilibrium quantity would decrease The equilibrium price would decrease, and the equilibrium quantity would increase O Both the equilibrium price and quantity would decrease O Both the equilibrium price and quantity would increase.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:If consumers view Diet Pepsi and Diet Coke as substitutes, what would happen to the equilibrium
price and quantity of Diet Coke if the price of Diet Pepsi rises?
The equilibrium price would increase, and the equilibrium quantity would decrease
O The equilibrium price would decrease, and the equilibrium quantity would increase
O Both the equilibrium price and quantity would decrease
Both the equilibrium price and quantity would increase.
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