Question

Show with the help of diagrams the effect on
equilibrium price and quantity when:
a) There is a
fall in price of substitute goods
b) There is a rise in price of goods

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Answer 1

Answer:

(I)When supply rises the price of the commodity increases and the quantity demanded decreases because of increase in price and shortage of supply in case when demand is elastic. 

(ii) When supply is perfectly elastic and demand increases the price of the commodity might increase and equilibrium quantity will decrease. 

Explanation:

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