-Refer to Exhibit 3-5.In the market shown,if equilibrium was originally at point Z and the new equilibrium is now at point V,this change may have been caused by
A) a decrease in consumers' income (assuming that this is an inferior good) and a simultaneous decline in technology in the production of this good.
B) an increase in consumers' income (assuming that this is an inferior good) and a simultaneous improvement in technology in the production of this good.
C) a decrease in consumers' income (assuming that this is an inferior good) and no change in supply.
D) an increase in consumers' income (assuming that this is an inferior good) and no change in supply.
Correct Answer:
Verified
Q87: A "decrease in the quantity demanded" means
Q88: A decrease in the expected price of