Multiple Choice
-The figure illustrates the demand for and supply for jeans. Suppose jeans are a normal good and peopleʹs incomes increase. At the initial price of $50 for a pair of jeans, after the increase in income the quantity demanded is__________ than the equilibrium quantity and there is a __________of jeans.
A) greater; shortage
B) less; shortage
C) greater; surplus
D) less; surplus
Correct Answer:
Verified
Correct Answer:
Verified
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