What will happen to the equilibrium price and quantity of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase? a. Equilibrium quantity would decrase, but the impact on equilibruim price would be ambiguous. b. Equilibruim price would increase, but the impact on equilibruim quantity would be ambigious. c. Equilibrium quantity would incrase, but the impact on equilibruim would be ambiguous d. Equilibrium price increases and equilibruim quantity decreases e. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
What will happen to the
a.
b. Equilibruim price would increase, but the impact on equilibruim quantity would be ambigious.
c. Equilibrium quantity would incrase, but the impact on equilibruim would be ambiguous
d. Equilibrium price increases and equilibruim quantity decreases
e. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
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