Solved

Suppose Butter and Margarine Are Used as Substitutes

Question 3

Multiple Choice

Suppose butter and margarine are used as substitutes. Assuming that the supply of butter is constant, an increase in the price of margarine will:


A) decrease the equilibrium quantity of butter.
B) increase the equilibrium price of butter.
C) shift the demand curve for butter to the left.
D) shift the demand curve for margarine to the right.

Correct Answer:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents