Question

What is the effect on the equilibrium price when there is an increase in the price of the substitute good?

Answer 1

Explanation:

The equilibrium price and quantity are likely to increase if there is an increase in the price of a substitute (Y) of Good X. Changes in the price of one substitute good tends to change the demand for another substitute good. The demand for Good X is likely to decrease due a fall in the price of Good

Answer 2

Answer:

it is the effect on the equilibrium price there is an increase when it is in the price of substitute good