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Wheat and oats are used to make different types of breakfast cereal and both are grown on the prairies What would happen to the supply and demand of oats if the price of wheat were to fall? What happens to the equilibrium price and quantity of oats?

Respuesta :

If the price of wheat falls, the demand for oats would decrease and the supply of oats would increase.

The equilibrium price of oats would decline and the equlibrium quantity would be indeterminate.

What are subsistute goods?

Substitute goods are goods that can be used in place of another good.

if the price of a good decline, the demand for the substitute decreases and if the price of the good increases, the demand for the substitute decreases.

To learn more about substitute goods, please check: https://brainly.com/question/26551927