If macaroni and cheese is an inferior good,what would happen to the equilibrium price and quantity of macaroni and cheese if consumers' incomes rise?
A) Both the equilibrium price and quantity would increase.
B) Both the equilibrium price and quantity would decrease.
C) The equilibrium price would increase,and the equilibrium quantity would decrease.
D) The equilibrium price would decrease,and the equilibrium quantity would increase.
Correct Answer:
Verified
Q79: Which of the following events must result
Q80: Figure 4-21 Q82: If consumers view cappuccinos and lattés as Q83: An early frost in the vineyards of Q85: Suppose the number of buyers in a Q86: What would happen to the equilibrium price Q87: During the last few decades in the Q88: If consumers often purchase muffins to eat Q89: Which of the following events would cause Q243: Beef is a normal good. You observe
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