If supply decreases and family income increases, it is possible that the quantity demanded will remain the same.

Name: If supply decreases and family income increases, it is possible that the quantity demanded will remain the same.
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Question

Quizplus · Accepted Answer

If family income increases, people may still be willing to buy the same quantity of a good even if its supply decreases because they have more money to spend. Therefore, the quantity demanded may remain the same.

If Supply Decreases and Family Income Increases, It Is Possible