Consumers' income increases and jeans are considered an inferior good. 

2. The price of white jeans (a substitute for blue jeans) increases. 

3. The price of white jeans (a substitute for blue jeans) increases. 

4. The price of cotton increases (cotton is used to make jeans). 

5. The number of blue jeans manufacturers increases.

 

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Consider the market for blue jeans. For each of the events here indicate: (i) which curve shifts, (ii) which direction the curve shifts and ii) what happens to equilibrium price and quantity. Consider the market for blue jeans. For each of the events here indicate: (i) which curve shifts, (ii) which direction the curve shifts and ii) what happens to equilibrium price and quantity.

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Lets analyze each event in the market for blue jeans Consumers income increases and jeans are consid... View the full answer