explain how change in price of the substitute commodity y (related to commodity x) would affect market equilibrium with respect to commodity x
explain how change in price of the substitute commodity y (related to commodity x) would affect market equilibrium with respect to commodity x
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Answer:
Explanation:
Increase in the price of the substitute commodity-Y would cause increase in the demand for X, implying a forward shift in demand curve for X. Conversely, decrease in the price of the substitute commodity-Y would cause backward shift in demand curve for X.
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