Assume a market for a normal good is currently in equilibrium. If consumers's incomes decrease, then: Demand will (decrease / increase / not change): Blank 1 Supply will (decrease / increase / not change): Blank Equilibrium price will (decrease / increase / not change): Blank 3 Equilibrium quantity will (decrease / increase / not change): Blank 4

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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