Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good)to decrease?
A)an increase in consumer income
B)an oil spill that sharply reduces oyster output
C)a decrease in consumer income
D)a technological advancement in the production of oysters

Question

Quizplus · Accepted Answer

A decrease in consumer income would lead to a decrease in demand for normal goods like oysters, causing both the equilibrium price and quantity to decrease.

Which of the Following Would Cause Both the Equilibrium Price