,where P is the price of good X, M is income, and is the price of a related good, R.
-If income increases to $100,000 and the price of the related good is now $20, what is the demand function?
A)
B)
C)
D)
E) none of the above
Correct Answer:
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Q7: input prices increase,all else equal,
A)quantity supplied will
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Demand: