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QUESTION:
Which of the following statements is true about the impact of an increase in the price of lettuce?
a. The equilibrium price and quantity of salad dressing will fall.
b. The equilibrium price and quantity of salad dressing will rise.
c. The demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall.
d. The supply of lettuce will decrease.
e. The demand for lettuce will decrease.
ANSWER:
a. The equilibrium price and quantity of salad dressing will fall.
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