Business, 27.10.2021 22:50 petriajack5543

The quantity of a product demanded by consumers is a function of its price. The quantity of one product demanded may also depend on the price of other products. For example, the demand for tea is affected by the price of coffee; the demand for charcoal is affected by the price of charcoal grills. a. If the price of coffee increases (while other factors, including the price of tea, remain constant), overall market demand for coffee would likely:

1. Increase
2. Decrease

b. If the price of coffee increases (while other factors, including the price of tea, remain constant), overall market demand for tea would likely:

1. Increase
2. Decrease

c. If the price of charcoal grills increases (while other factors, including the price of charcoal, remain constant), overall market demand for charcoal grills would likely:

1. Increase
2. Decrease

d. If the price of charcoal grills increases (while other factors, including the price of charcoal, remain constant), overall market demand for charcoal would likely:

1. Increase
2. Decrease

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