If we assume that Coke and Pepsi are substitute products, what would happen to the supply and demand for Pepsi if Pepsi raised its price? What would happen to the supply and demand for Coke if Pepsi raised its price? (Be sure to think about what consumers would do and what effect their behavior has on demand. Then think about in the long run what the companies would do to adjust to any changes in demand)
If we assume that Coke and Pepsi are substitute products, what would happen to the supply and demand for Pepsi if Pepsi raised its price? What would happen to the supply and demand for Coke if Pepsi raised its price? (Be sure to think about what consumers would do and what effect their behavior has on demand. Then think about in the long run what the companies would do to adjust to any changes in demand)
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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If we assume that Coke and Pepsi are substitute products, what would happen to the
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