A decrease in consumer incomes will shift the demand curve for designer handbags to the and both the equilibrium price ________and________ quantity of designer handbags.

Question

Quizplus · Accepted Answer

A decrease in consumer incomes will result in fewer people being able to afford designer handbags. This will cause a leftward shift in the demand curve for designer handbags, leading to a decrease in both the equilibrium price and quantity of designer handbags.

A Decrease in Consumer Incomes Will Shift the Demand Curve