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[See Solution] Consider the market for two goods that are substitutes, such as pens and pencils. If a technological breakthrough reduced the cost of producing

Question: Consider the market for two goods that are substitutes, such as pens and pencils. If a technological breakthrough reduced the cost of producing pens:

  1. What would happen to the supply of pens?
  2. What would happen to the price of pens and the quantity exchanged?
  3. What effect would this change in the price of pens have on the market for pencils?

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