Figure 3-5 
In Figure 3-5, if the initial demand for margarine were D 1, an increase in the price of butter, which is a substitute for margarine, would tend to cause which of the following changes in the market for margarine?
Definitions:
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to market changes.
Perfect Competitor
A theoretical market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, leading to efficient pricing and resource allocation.
Long Run
In economics, the long run refers to a period in which all factors of production and costs are variable, allowing for adjustment to changes in market conditions.
Marginal Revenue
The extra revenue obtained by selling an additional unit of a product or service.
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