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Cost of producing pens

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Reference no: EM131095232

Consider the market for two goods that are substitutes, such as pens and pencils. If a technological breakthrough reduced the cost of producing pens.

A. What would happen the supply of pen?

B. What would happen on the price of pens and the quantity exchanged?

C. What effect would this change in the price of pens have on the market for pencils?

Reference no: EM131095232

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