Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold? a. an increase in the price of peanut better , a complement to jelly b. an increase in the price of plum preserves a substitute for jelly c. an increase in the price of grapes, an input into jelly d . an increase in consumers’ incomes, as long as jelly is a normal good
Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold? a. an increase in the price of peanut better , a complement to jelly b. an increase in the price of plum preserves a substitute for jelly c. an increase in the price of grapes, an input into jelly d . an increase in consumers’ incomes, as long as jelly is a normal good
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following might lead to an increase in the
decrease in the equilibrium quantity of jelly sold?
a. an increase in the price of peanut better , a complement to jelly
b. an increase in the price of plum preserves a substitute for jelly
c. an increase in the price of grapes, an input into jelly
d . an increase in consumers’ incomes, as long as jelly is a normal good
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