Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:

Name: Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:
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Question

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When the price of 7-Up decreases, consumers are likely to buy more 7-Up instead of Sprite, leading to a decrease in the demand for Sprite. This is represented by a leftward shift of the demand curve for Sprite.

Suppose Sprite and 7-Up Are Considered by Consumers to Be