Information about equilibrium price and output

Reference no: EM1367345

The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?

price rises, output falls

price falls, output rises

price rises, output rises

price falls, output falls

Reference no: EM1367345

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