Bananas and apples are substitutes. When the price of bananas rises, and a technological advance in apple production occurs at the same time:
A. the equilibrium price of apples rises and the equilibrium quantity of apples falls.
B. the equilibrium price of apples rises and the equilibrium quantity of apples rises.
C. the equilibrium price of apples rises and the equilibrium quantity of apples might rise or fall.
D. the equilibrium quantity of apples rises and the equilibrium price of apples might rise or fall.
Answer: D
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A. three bushels of corn per umbrella; eight bushels of corn per umbrella. B. 1/3 of a bushel of corn per umbrella; three bushels of corn per umbrella. C. 1/8 of a bushel of corn per umbrella; 1/3 of a bushel of corn per umbrella. D. 1/8 of a bushel of corn per umbrella; eight bushels of corn per umbrella.