Consider the demand for an inferior good illustrated in the graph below. Suppose income decreases. What effect would this have in the graph? p. Price po Do Po Quantity This would result in the demand curve shifting to the right. This would result in the demand curve shifting to the left. This would result in a slide down the demand curve. This would result in a slide up the demand curve.

Consider the demand for an inferior good illustrated in the graph below. Suppose income decreases. What effect would this have in the graph? p. Price po Do Po Quantity This would result in the demand curve shifting to the right. This would result in the demand curve shifting to the left. This would result in a slide down the demand curve. This would result in a slide up the demand curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The shorter the period of time consumers have to adjust to price changes, the O lower; income O lower price O higher; income higher; price the elasticity of demand.
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