3. Supply and Demand
Supply and Demand Together: Both Shift
Multiple Choice
Multiple ChoiceWhat happens in the market for tennis balls if (1) the price of tennis rackets, a complement for tennis balls, increases and (2) the price of baseballs, a substitute in production, decreases?
A
Equilibrium price rises, equilibrium quantity ambiguous
B
Equilibrium price ambiguous, equilibrium quantity falls
C
Equilibrium price ambiguous, equilibrium quantity rises
D
Equilibrium price falls, equilibrium quantity ambiguous
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