Which of the following statements is true about the ... - Solved MCQs & Answer

4224EconomicsMedium

Which of the following statements is true about the impact of an increase in the price of lettuce?

ABoth the demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall

BThe equilibrium price and quantity of salad dressing will rise

CThe equilibrium price and quantity of salad dressing will fall

DThe supply of lettuce will decrease

EThe demand for lettuce will decrease

Correct answer

C. The equilibrium price and quantity of salad dressing will fall

Explanation

The correct answer is The equilibrium price and quantity of salad dressing will fall.

Which of the following statements is true?

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In monopolistic competition?