3. Supply and Demand
Supply and Demand Together: Both Shift
Multiple Choice
Multiple ChoiceWhat happens in the market for cream cheese if (1) the price of butter, a substitute for cream cheese, falls and (2) the cost of milk, an input in cream cheese production, rises?
A
Equilibrium price rises, equilibrium quantity falls
B
Equilibrium price falls, equilibrium quantity falls
C
Equilibrium price ambiguous, equilibrium quantity rises
D
Equilibrium price ambiguous, equilibrium quantity falls
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