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.

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A: The answer is as follows:-

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