-In the above figure, if D₂is the original demand curve for a normal good and income decreases, which price and quantity might result?

Name: -In the above figure, if D 2 is the original demand curve for a normal good and income decreases, which price and quantity might result?
Brand: Quizplus
Rating: 4.9 (55 reviews)

Question

Quizplus · Accepted Answer

For a normal good, a decrease in income leads to a decrease in demand, shifting the demand curve leftward. This results in a lower equilibrium price and quantity, which corresponds to point b with price P1 and quantity Q1.

-In the Above Figure, If D2 is the Original Demand

-In the Above Figure, If D₂is the Original Demand