What would happen to the equilibrium price and quantity exchanged in the following cases? a. An increase
Question:
a. An increase in income and a decreasing price of a complement, for a normal good
b. A technological advance and lower input prices
c. An increase in the price of a substitute and an increase in income, for an inferior good
d. Producers’ expectations that prices will soon fall, and increasingly costly government regulations
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a Demand would increase since both changes increase demand As a result the price and quantity exchan...View the full answer
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