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People frequently eat chips and guacamole together. Suppose the price of chips increases and there ...

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People frequently eat chips and guacamole together. Suppose the price of chips increases and there ...

People frequently eat chips and guacamole together. Suppose the price of chips increases and there is a shortage of avocados, which are used to produce guacamole. How will these affect the equilibrium price and quantity of guacamole?

▸ Price will remain the same, quantity will decrease.

▸ Price will decrease, the change in quantity is ambiguous.

▸ The change in price is ambiguous, quantity will decrease.

▸ Both price and quantity will decrease.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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