Business, 16.06.2020 18:57 kalithekittenqueen

Suppose we are analyzing the market for hot chocolate. Hot chocolate is the final product. In other words, think of the hot chocolate as a complete product you may purchase at someplace like Starbucks, not like individual components you would buy separately and assemble at home. Indicate the impact the following event would have on equilibrium price (increase or decrease) and equilibrium quantity (increase or decrease). The price of tea, a substitute for hot chocolate, falls.
Equilibrium Price:
Equilibrium Quantity:

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Suppose we are analyzing the market for hot chocolate. Hot chocolate is the final product. In other...