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Suppose that the price of sugar falls. As a result, there is also a decrease in the price of pop, which use lots of sugar. Assume that pop is a substitute for milk. The government continues to maintain the same regulated price for milk. Adjust this graph to show how the lower price for pop will affect the consumption of milk.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M971446

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