3. The Market Forces of Supply and Demand
Using the Supply and Demand Curves to Find Equilibrium
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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