If the income of renters is falling what should happen to the equilibrium monthly rent of an apartment if it is a normal good?

Select one:

a. Rents should rise as demand is falling. 

b. Rents should fall as supply is decreasing. 

c. Rents should fall as demand is decreasing. 

d. Rents should rise as supply is increasing. 

e. Rents should rise as demand is increasing.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is c Rents should fa... View the full answer