Assume the market for internet service is perfectly competitive market and it is a normal good. Suppose the overall households income has increased because of the economic boom in the past few years, which of the following statement is correct about this change of overall income to the internet service market? Group of answer choices The quantity demanded for internet service will increase The quantity supplied for internet service will increase The demand for internet service will increase The equilibrium will not change in the market The supply of internet service will increase
Assume the market for internet service is perfectly competitive market and it is a normal good. Suppose the overall households income has increased because of the economic boom in the past few years, which of the following statement is correct about this change of overall income to the internet service market? Group of answer choices The quantity demanded for internet service will increase The quantity supplied for internet service will increase The demand for internet service will increase The equilibrium will not change in the market The supply of internet service will increase
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume the market for internet service is perfectly competitive market and it is a normal good. Suppose the overall households income has increased because of the economic boom in the past few years, which of the following statement is correct about this change of overall income to the internet service market ?
Group of answer choices
The quantity demanded for internet service will increase
The quantity supplied for internet service will increase
The demand for internet service will increase
The equilibrium will not change in the market
The supply of internet service will increase
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