Honey and Jam Are Substitute Products

question 100

Multiple Choice

Honey and jam are substitute products. If the price of honey increases, the demand for:

• A) honey will increase.
• B) honey will decrease, causing its price to fall.
• C) jam will increase, causing the price of jam to increase as well.
• D) jam will decrease, causing the price of jam to fall.

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Definitions:

New Edition

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The act of selling a product or service that one has purchased to another buyer, often to achieve a profit or dispose of unwanted goods.

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