The effect of an increase in consumer income on equilibrium price and quantity of Florida orange juice (a normal good) is
A) to increase equilibrium price and quantity
B) to decrease equilibrium price and quantity
C) to increase equilibrium price and decrease equilibrium quantity
D) to increase equilibrium quantity and decrease equilibrium price
E) that equilibrium price and quantity remain constant
Correct Answer:
Verified
Q140: Which of the following events would increase
Q141: Economists emphasize the importance of equilibrium in
Q142: Exhibit 4-3 Q143: An increase in demand will cause a(n) Q144: If a surplus exists in the market Q146: If there is a shortage in the![]()
A)increase
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents