X is an inferior good. If there is an increase in incomes, then (quantity supplied,quantity demanded, supply, demand) for good X will (increase, decrease). This will cause the equilibrium price to (increase, decrease) and quantity to (increase, decrease). If a new type of fertilizer is invented that makes coconut trees twice as productive, the (quantity supplied, quantity demanded, supply, demand) for coconuts will (increase, decrease). This will cause the price to (increase, decrease) and quantity to (increase, decrease).
X is an inferior good. If there is an increase in incomes, then (quantity supplied,quantity demanded, supply, demand) for good X will (increase, decrease). This will cause the equilibrium price to (increase, decrease) and quantity to (increase, decrease). If a new type of fertilizer is invented that makes coconut trees twice as productive, the (quantity supplied, quantity demanded, supply, demand) for coconuts will (increase, decrease). This will cause the price to (increase, decrease) and quantity to (increase, decrease).
Chapter4: Markets In Action
Section: Chapter Questions
Problem 6SQ
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X is an inferior good. If there is an increase in incomes, then (quantity supplied,quantity demanded, supply, demand) for good X will (increase, decrease). This will cause the
If a new type of fertilizer is invented that makes coconut trees twice as productive, the (quantity supplied, quantity demanded, supply, demand) for coconuts will (increase, decrease). This will cause the price to (increase, decrease) and quantity to (increase, decrease).
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