The diagram represents the demand for and supply of a product. The initial equilibrium is at X. Which point shows the new equilibrium position if the price of a close substitute for the product rises while all other factors stay unchanged?
Economics 0455 · IGCSE · Demand
The diagram represents the demand for and supply of a product. The initial equilibrium is at X. Which point shows the new equilibrium position if the price of a close substitute for the product rises while all other factors stay unchanged?