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Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950 Exercise 7
If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?
A) Prices and quantities both rise.
B) Prices and quantities both fall.
C) Prices rise, quantities fall.
D) Prices fall, quantities rise.
A) Prices and quantities both rise.
B) Prices and quantities both fall.
C) Prices rise, quantities fall.
D) Prices fall, quantities rise.
Explanation
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Demand refers to the desire and ability ...
Essentials of Economics 7th Edition by Gregory Mankiw
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