Pizza Hut and Domino's are the leading pizza chains in terms of market share.  If the price of Domino's rises significantly, all else equal, what impact will that have on Pizza Hut?   Pizza Hut's demand will shift left   Pizza Hut's demand will shift right   Pizza Hut's supply will shift left   Pizza Hut's supply will shift right

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Pizza Hut and Domino's are the leading pizza chains in terms of market share.  If the price of Domino's rises significantly, all else equal, what impact will that have on Pizza Hut?

 

Pizza Hut's demand will shift left

 

Pizza Hut's demand will shift right

 

Pizza Hut's supply will shift left

 

Pizza Hut's supply will shift right

Expert Solution
Step 1

 The law of demand states that there is an inverse relationship between price and demand. This means when the price of a commodity rises leads to a decrease in the quantity demanded and when the price of a commodity falls, it increases the quantity demanded.

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