Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.?1. Consumers are exercising more2. Household income has been declining in the last 5 yearsfashionable3. Wearing athletic clothing items becomes veryA. IncreasedB. Decreased

Answered: Do the following events lead to an…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.
?
1. Consumers are exercising more
2. Household income has been declining in the last 5 years
fashionable
3. Wearing athletic clothing items becomes very
A. Increased
B. Decreased

Expert Solution

Step 1

The demand curve shows the association between the amounts of commodity demanded by the consumer at a given price. Whereas, the supply curve shows the association between the price of commodity and quantity of the commodity that a seller is able and willing to sell.

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