Refer to the information provided in Figure 3.7 below to answer the following question(s) . Figure 3.7
-Refer to Figure 3.7. Assume the market is initially at Point B and that pizza is a normal good. A decrease in income would cause the market to move from Point B on demand curve D₂ to

Question

Refer to the information provided in Figure 3.7 below to answer the following question(s) .

Figure 3.7
-Refer to Figure 3.7. Assume the market is initially at Point B and that pizza is a normal good. A decrease in income would cause the market to move from Point B on demand curve D₂ to

Quizplus · Accepted Answer

Since pizza is a normal good, a decrease in income would lead to a decrease in demand, shifting the demand curve to the left, which is represented by moving to a new demand curve like D₁.

Refer to the Information Provided in Figure 3