Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
A) The price of orange juice will increase, and the quantity purchased will fall.
B) The price of orange juice will fall, and the quantity purchased will increase.
C) The price of orange juice will increase, and the quantity purchased will increase.
D) The price of orange juice will fall, and the quantity purchased will fall.

Question

Quizplus · Accepted Answer

When the price of apple juice, a substitute for orange juice, decreases, consumers are likely to buy more apple juice and less orange juice, leading to a decrease in both the price and quantity purchased of orange juice.

Which of the Following Is the Most Likely Effect of Lower