With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer

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With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will:

a $.$ decrease equilibrium price and quantity if the product is a normal good.

b $.$ have no effect on equilibrium price and quantity.

c $.$ increase equilibrium price and quantity if the product is a normal good.

d $.$ reduce the quantity demanded, but not shift the demand curve.

Related Book For answer-question

Microeconomics

ISBN: 978-1429283434

3rd edition

Authors: Paul Krugman, Robin Wells

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Posted Date: Feb 09, 2024 11:43 PM

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With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer

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The correct answer is c Increase equilibrium price and quantity if the product is a normal good Here... View the full answer

Microeconomics

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