Question: Assume in a simple example that something occurs in an economy which produces Good X that will decrease people's income in the economy.Assume that this

Assume in a simple example that something occurs in an economy which produces "Good X" that will decrease people's income in the economy.Assume that this is a competitive market, what will happen to the equilibrium price and quantity of "Good X"?

Use supply and demand analysis to demonstrate your answer and be sure to provide the rationale behind what is happening and also discuss any interesting observations or outcomes.

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