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Hotdogs and ketchup are often eaten together. Hence, they are complements. In the market for hot dogs, the following was observed. It was observed that both the equilibrium price of hot dogs and the equilibrium quantity of hot dogs have decreased. What could be responsible for this pattern? A decrease in the price of ground meat or an increase in the price of tomatoes or both? Illustrate and explain your answer with the help of a well labeled graph.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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