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MMLU / The market for denim jeans is in equilibrium, and the price of polyester pants,…

Problem

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question

The market for denim jeans is in equilibrium, and the price of polyester pants, a substitute good, rises. In the jean market

choices

  1. supply falls, increasing the price and decreasing the quantity.
  2. supply falls, increasing the price and increasing the quantity.
  3. demand falls, increasing the price and decreasing the quantity.
  4. demand rises, increasing the price and increasing the quantity.

subject

high_school_microeconomics

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Source and history

Official source

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