What happens to the price and quantity in the market for iced tea if the price of strawberry lemonade, a substitute in production, increases?

Question

Quizplus · Accepted Answer

The increase in the price of strawberry lemonade, a substitute in production, will make the production of iced tea more expensive. As a result, the supply of iced tea will decrease, leading to an increase in the price and a decrease in the quantity in the market for iced tea.

What Happens to the Price and Quantity in the Market