Multiple Choice
Which of the following would increase the equilibrium price and increase the equilibrium quantity of used cars?
A) an increase in the wage rate paid to used car salespeople
B) a fall in income if used cars are an inferior good
C) Neither of the above because the question suggests a violation of the "law of demand".
D) Neither of the above because the question suggests a violation of the "law of supply".
Correct Answer:
Verified
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