Question 1 if the price of margarine decreases what happens, Ask an Expert

Economics

Question: 1. If the price of margarine decreases, what happens to the demand for butter? What happens to the equilibrium quantity and price for butter? What would happen if butter and margarine were not substitutes? Use a supply and demand diagram to support your answer.

2. When the price is above the equilibrium price, does greed (in other words, self-interest) tend to push the price down or up?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92651650

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