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Many Cooks View Butter and Margarine to Be Substitutes

Question 41

Multiple Choice

Many cooks view butter and margarine to be substitutes. If the price of butter rises, how will the market for margarine be affected?


A) The equilibrium price will rise, while the change to equilibrium quantity is indeterminate.
B) The equilibrium price will rise, and the equilibrium quantity will decrease.
C) The equilibrium price will rise, and the equilibrium quantity will rise.
D) The equilibrium price will fall, and the equilibrium quantity will fall.

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