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Assume that the market for paper supplies and the market for toothpicks have the following characteristics:
The Market for Paper Supplies is comprised of:
The Market for Toothpicks is comprised of:
The Papyrus Company operates in the market for paper supplies and Wudden Floss operates in the toothpick market. The sales managers for both companies want to know how a change in price will affect the quantity sold. Which of the following choices best completes the following sentence? If both firms increase prices, the quantity sold by Papyrus Company will: A. increase, and the quantity sold by Wudden Floss will decrease. B. decrease, and Wudden Floss will sell nothing. C. decrease, and so will the quantity sold by Wudden Floss. |