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

Question

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With a downsloping demand curve and an upsloping supply curve, an increase in consumer income will shift the demand curve to the right, increasing both equilibrium price and quantity if the product is a normal good. If the product is an inferior good, the opposite would happen and equilibrium price and quantity would decrease.

With a Downsloping Demand Curve and an Upsloping Supply Curve