In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. If X is an inferior good, a decrease in income will: Multiple Choice increase D, increase P, and increase Q. increase S, decrease P, and increase Q. decrease D, decrease P, and decrease Q. decrease D, decrease P, and increase Q.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. If X is an inferior good, a decrease in income will: Multiple Choice increase D, increase P, and increase Q. increase S, decrease P, and increase Q. decrease D, decrease P, and decrease Q. decrease D, decrease P, and increase Q.
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 2SQ: Which of the following would not cause market demand for a normal good to decline? a. An increase in...
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In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of
Multiple Choice
increase D, increase P, and increase Q.
increase S, decrease P, and increase Q.
decrease D, decrease P, and decrease Q.
decrease D, decrease P, and increase Q.
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