Multiple Choice
Suppose consumer income increases.If wine is a normal good, what will happen to the equilibrium price and producer surplus?
A) both the equilibrium price and the producer surplus will decrease
B) both the equilibrium price and the producer surplus will increase
C) the equilibrium price will decrease and the producer surplus will increase
D) the equilibrium price will increase and the producer surplus will decrease
Correct Answer:
Verified
Correct Answer:
Verified
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