Suppose there is a market for hotdogs in equilibrium

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Suppose there is a market for hotdogs in equilibrium. Draw a diagram below of such a market. Now, suppose that the price of hamburgers suddenly falls sharply, making it easier and more enticing for consumers to purchase hamburgers than before. Show on your diagram below the resulting impact on the market for hotdogs (assuming that hotdogs can substitute for hamburgers) - and be sure to explain why you drew your result in that way.

Reference no: EM13998457

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