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1.3 Price determination in a competitive market

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Question 34

Milk is in composite demand and can be used to produce cheese or butter. When the demand for cheese increases, there will be

a decrease in the price of butter.

a decrease in the supply of butter.

an increase in demand for butter.

an increase in output of butter.

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market