Multiple Choice
Certeris paribus, the effect of a decrease in income on a normal good is to shift the
A) supply curve to the left, increasing the equilibrium price and reducing equilibrium output.
B) supply curve to the right, reducing the equilibrium price and increasing equilibrium output.
C) demand curve to the left, reducing both equilibrium price and output.
D) demand curve to the right, increasing both equilibrium price and output.
Correct Answer:
Verified
Correct Answer:
Verified
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