In each of the following situations,list what will happen to the equilibrium price and the equilibrium quantity for a particular product,which is an inferior good.
a.The population decreases and productivity increases
b.The income increases and the price of inputs increase
c.The number of firms in the market decreases and income decreases
d.Consumer preference decreases and the price of a complement increases
e.The price of a substitute in consumption increases and the price of a substitute in production increases
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q218: An increase in the equilibrium quantity of
Q224: In most countries in South America,the legal
Q226: If the demand for a product decreases
Q227: If the demand for a product decreases
Q228: If the demand curve for a product
Q229: If the demand for a product increases
Q230: As the number of firms in a
Q233: If pilots and flight attendants agree to
Q234: According to the Australian Wool Innovation,severe drought
Q438: Which of the following statements is true?
A)A
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents