if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

Assessment: WAEC SSCE - Economics - 1992 (Objective) Subject: Economics

Question 1 Report

if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
Answer Details
If the price of margarine rises substantially, some consumers may switch to buying butter instead, which would increase the demand for butter. This increased demand could result in an increase in the equilibrium price and quantity of butter. Therefore, the answer is that the equilibrium price and quantity of butter demand will likely increase.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on Supply (WAEC)
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