If a strong economic recovery boosts average incomes, what would happen to the equilibrium price and quantity of a normal good and of an inferior good? The equilibrium price and quantity of a normal good would rise; those of an inferior good would fall. of a normal good would fall; those of an inferior good would rise. of a normal good would rise; those of an inferior good would also rise. of a normal good would fall; those of an inferior good would also fall.
If a strong economic recovery boosts average incomes, what would happen to the equilibrium price and quantity of a normal good and of an inferior good? The equilibrium price and quantity of a normal good would rise; those of an inferior good would fall. of a normal good would fall; those of an inferior good would rise. of a normal good would rise; those of an inferior good would also rise. of a normal good would fall; those of an inferior good would also fall.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If a strong economic recovery boosts average incomes, what would happen to the
The equilibrium price and quantity
of a normal good would rise; those of an inferior good would fall.
of a normal good would fall; those of an inferior good would rise.
of a normal good would rise; those of an inferior good would also rise.
of a normal good would fall; those of an inferior good would also fall.
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