Many cooks view butter and margarine to be substitutes

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Many cooks view butter and margarine to be substitutes. If the price of butter rises, then in the market for margarine:

A. both the equilibrium price and quantity will raise.

B. the equilibrium price will rise and the equilibrium quantity will decrease.

C. the equilibrium price will fall and the equilibrium quantity will fall.

D. the equilibrium price will rise, while the change to equilibrium quantity is indeterminate.

Reference no: EM13687600

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