If the Supply of Pencils, a Substitute for Pens, Increases

question 209

Essay

If the supply of pencils, a substitute for pens, increases, what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

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Definitions:

NHTSA

The National Highway Traffic Safety Administration, a U.S. federal government agency responsible for enforcing vehicle performance standards and promoting road safety.

Motor Vehicle Safety Standards

Motor Vehicle Safety Standards are regulations established to ensure the safety and reliability of motor vehicles, protecting passengers, drivers, and pedestrians.

Warranty

A guarantee provided by a seller regarding the quality, performance, or condition of a product.

Gramm-Leach-Bliley Financial Modernization Act

A law enacted in 1999 that aims to regulate the collection, disclosure, and protection of consumers' personal financial information by financial institutions.