Suppose that the price of cornflakes increases while the price of other cereals remains the same. What effect does this have on the market for cornflakes?
A) It decreases the demand for cornflakes.
B) It decreases the quantity of cornflakes demanded.
C) It increases the supply of cornflakes.
D) Neither the demand nor the supply will change, but the quantity demanded will increase.
Correct Answer:
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