Suppose that the price of oranges and apples rises. What would you expect to happen to...

Suppose that the price of oranges and apples rises. What would you expect to happen to the market price and quantity of orange juice? (Hint: apple juice is a substitute)

Correct answer: the equilibrium price would increase, but the impact on equilibrium quantity would be uncertain

*******Draw the curves for each market and explain why this is the correct answer.********

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Expert Solution

Rahul Sunny answered 1 year ago

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