With a downsloping demand curve and an upsloping supply, Ask an Expert

Economics

With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will:

Increase equilibrium price and quantity if the product is a normal good.

Decrease equilibrium price and quantity if the product is a normal good.

Have no effect on equilibrium price and quantity.

Reduce the quantity demanded, but not shift the demand curve.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M964096

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