Principles of Microeconomics
Solutions
Principles of Microeconomics
Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and price in the market for pizza?
Figure -1 shows the change in equilibrium due to change in the demand curve.
Figure 1 illustrates the change in demand and supply of pizza when the price of beer rises. The vertical axis represents the price of pizza and the horizontal axis represents the quantity demanded and supplied of pizza. From Figure 1, it can be inferred that when the price of beer rises, the demand for pizza decreases since they are considered as complements...
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