How do the price and quantity change for a lawn chairs if the price of outdoor sofas, a substitute in consumption to lawn chairs, increases?

Name: How do the price and quantity change for a lawn chairs if the price of outdoor sofas, a substitute in consumption to lawn chairs, increases?
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Question

Quizplus · Accepted Answer

When the price of outdoor sofas increases, consumers will look for substitutes, increasing the demand for lawn chairs. This leads to both a higher price and quantity for lawn chairs.

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