In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.
-An increase in the price of a product that is a close substitute for X will:

Question

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. 
-An increase in the price of a product that is a close substitute for X will:

Quizplus · Accepted Answer

An increase in the price of a close substitute for X will lead to an increase in the demand for X, as consumers switch to the relatively cheaper option. This increased demand will result in a higher equilibrium price and quantity for product X.

In the Following Question You Are Asked to Determine, Other