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Now consider what would happen to the market for Gatorade if there was a large decrease in the price of Powerade. Drawing a supply and demand graph will aid in answering this question.
A. There is a decrease in the demand for Gatorade, which results in a decrease in the price of Gatorade.
B. There is an increase in the demand for Gatorade, which results in a decrease in the price of Gatorade.
C. There is an increase in the supply of Gatorade, which results in a decrease in the price of Gatorade.
D. There is an increase in the demand for Gatorade, which results in an increase in the price of Gatorade.
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
Comment about substitution effect and income effect when price of good one alone decreases if the goods are perfect substitutes.
Suppose that the price of oil (and gasoline) continues to decline. According to our discussion, what impact will this have on the economies of the U.S. states?
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