An increase in the price of blue pens will increase both the equilibrium price and quantity in the market for black pens.

Name: An increase in the price of blue pens will increase both the equilibrium price and quantity in the market for black pens.
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Question

Quizplus · Accepted Answer

An increase in the price of blue pens may lead consumers to substitute black pens for blue pens, increasing the demand for black pens. This increased demand can raise both the equilibrium price and quantity of black pens.

An Increase in the Price of Blue Pens Will Increase