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You are asked to determine,other things equal,the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for,or supply (S) of,X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.
-Refer to the above.An increase in the price of a product which is a close substitute for X will:
Homo Erectus
An extinct hominin species that lived from approximately 1.9 million to 140,000 years ago, known for being one of the first to exhibit humanlike walking and use of tools.
Epoch
A significant period in history or in the development of the earth, marked by notable events or characteristics.
Awash River
A major river in Ethiopia, which plays a crucial role in the agriculture, water supply, and ecosystem of the region.
Genus Homo
The genus Homo is a classification for the human species and its closest extinct relatives, characterized by bipedalism, larger brains compared to body size, and complex tool use.
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